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Friday, July 18, 2008
Citi Posts $2.5B 2Q Loss Amid Soaring Loan Defaults
Associated Press
Citigroup (C) says it posted a $2.5 billion loss and laid off more employees in the second quarter as it struggled with surging loan defaults.
The nation's biggest banking company by assets reported Friday it lost $2.5 billion, or 54 cents per share, in the April-June period. In the same timeframe last year, the bank earned $6.23 billion, or $1.24 per share.
Thomson Financial says analysts had predicted a loss of 66 cents share.
Citigroup Inc.'s securities and banking division has written down its assets by $7.2 billion, before taxes. Credit costs have jumped to $7.2 billion as more consumers defaulted on their loans.
The bank reduced its work force by 6,000 during the quarter. That brings its job cut total to 11,000 for 2008.
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