Citigroup Reports $5.1 Billion LossShow Video Details ↓ Tim McGuire: Citigroup has posted a loss of $5.1 billion during the first quarter and will eliminate about 9,000 jobs. That means the nation's largest bank is cutting 13,200 jobs in all, since first announcing layoffs in January. Citigroup lost $1.02 per share, essentially what it made in the same period in 2007 - $5 billion or $1.01 per share. The bank said write downs related to mortgages and turmoil in the credit markets reached about $12 billion and costs stemming from consumer credit problems surpassed $3 billion. With big exposure to mortgages and leveraged loans, Citigroup remains at risk for further write downs. Moody's investor services has changed its ratings outlook on the bank to negative saying those write downs were on the high side of its estimates. Tim McGuire, the associated press. |