Citigroup posts another loss amid credit woes

[October 16, 2008]  NEW YORK (AP) -- Citigroup Inc. is suffering its fourth straight quarterly loss due to credit-related missteps, and has cut another 11,000 jobs.

The bank lost $2.8 billion, or 60 cents per share, in the third quarter compared with a profit of $2.2 billion, or 44 cents per share, a year ago. Analysts polled by Thomson Reuters expected a loss of 70 cents per share.

Citi wrote down $4.4 billion in investments, recorded $4.9 billion in credit losses, and took a $3.9 billion charge to boost reserves.

The big four U.S. banks -- Citigroup, JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. -- are each slated to receive $25 billion from the government. Citi recently lost a bid for Wachovia Corp. to Wells Fargo.

[Associated Press]

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