Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

News is worse than expected for nation's largest bank
By John Johnson,  Newser Staff
Posted Apr 18, 2008 7:56 AM CDT
The Citigroup Center is photographed in this Jan. 15, 2008 file photo in New York.    (AP Photo/Mary Altaffer, file)
camera-icon View 2 more images

(Newser) – Citigroup reported a first-quarter loss of $5.1 billion today, posting another $14 billion in writedowns as a result of the credit crunch and loan defaults, the Wall Street Journal reports. The loss of $1.02 a share exceeded analysts' estimates and marks the second straight quarterly loss for the nation's biggest bank. It plans 9,000 layoffs next quarter.