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Citigroup reports a $9.83bn loss Citigroup reports a $9.83bn loss
(20 minutes later)
US banking giant Citigroup has reported a $9.83bn (£5bn) net loss for the last three months of 2007.US banking giant Citigroup has reported a $9.83bn (£5bn) net loss for the last three months of 2007.
Chief executive Vikram Pandit said the loss had been caused by a $18.1bn exposure to bad mortgage debt and was "clearly unacceptable".Chief executive Vikram Pandit said the loss had been caused by a $18.1bn exposure to bad mortgage debt and was "clearly unacceptable".
The company, America's largest banking group, said its revenues for the fourth quarter were down 70% from a year earlier to $7.2bn.The company, America's largest banking group, said its revenues for the fourth quarter were down 70% from a year earlier to $7.2bn.
Mr Pandit has pledged to turn around Citigroup's fortunes.Mr Pandit has pledged to turn around Citigroup's fortunes.
It was also announced that Citigroup is going to get a cash injection of $6.88bn from Singapore government investment agency GIC.It was also announced that Citigroup is going to get a cash injection of $6.88bn from Singapore government investment agency GIC.
This follows a similar $7.5bn investment in Citigroup from another government agency, the Abu Dhabi Investment Authority, last November, as the bank seeks to stabilise its finances. This follows a similar $7.5bn investment in Citigroup from another government agency, the Abu Dhabi Investment Authority, last November.
'Tight control''Tight control'
Mr Pandit only took up the top job at Citigroup last month, following the departure of his predecessor Charles Prince.Mr Pandit only took up the top job at Citigroup last month, following the departure of his predecessor Charles Prince.
Mr Pandit faces a tough job in turning around Citigroup's fortunes CITIGROUP Citibank was founded in 1812 in New YorkIt has 200 million customer accounts in 100 countriesMore than 300,000 employees$2.4 trillion in assets Sources: Citigroup, Reuters
Mr Prince resigned in November after the full extent of Citigroup's sub-prime mortgage losses came to light. Mr Prince resigned in November after the full extent of Citigroup's sub-prime mortgage losses began to emerge.
"We have begun to take actions to ensure that Citi is well positioned to compete and win across our franchises while effectively keeping a tight control over our business risks," said Mr Pandit."We have begun to take actions to ensure that Citi is well positioned to compete and win across our franchises while effectively keeping a tight control over our business risks," said Mr Pandit.
Analysts generally welcomed the results, as the $18.1bn bad debt write down was less than market expectations of $20bn.
MAIN SUB-PRIME LOSSES SO FAR Citigroup: $18bn UBS: $13.5bn Morgan Stanley $9.4bn Merrill Lynch: $8bn HSBC: $3.4bnBear Stearns: $3.2bn Deutsche Bank: $3.2bn Bank of America: $3bnBarclays: $2.6bn Royal Bank of Scotland: $2.6bn Freddie Mac: $2bnCredit Suisse: $1bn Wachovia: $1.1bn IKB: $2.6bnSource: Company reports Timeline: How the sub-prime crisis unfolded
They also welcomed the fact Citigroup announced it would still be paying a dividend, although this was reduced to 32 cents per share from 54 cents.
"If you maintain dividend and reinforce your capital base, and you take a write-down that is slightly less than expected, all in all, it's decent," said Edmund Shing, strategist at BNP Paribas.
Despite press reports that Citigroup would announce more than 20,000 job losses, none have so far been revealed.Despite press reports that Citigroup would announce more than 20,000 job losses, none have so far been revealed.