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January 18, 2008
Citigroup Reports Record Loss on $18 Billion Subprime Writedown
Citigroup wrote down $18 billion in subprime mortgage investments due to rising defaults on home loans, leading the bank to its biggest loss in its 196-year history. The New York-based concern reported a fourth-quarter net loss of $9.83 billion, or $1.99 a share, compared with a profit of $5.1 billion, or $1.03 a share, a year ago and added that it will slash its dividend by 41 percent and receive $14.5 billion from outside investors to shore up depleted capital.
Posted by S. Germain at January 18, 2008 07:58 AM