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Citigroup sees second giant loss Citigroup sees second giant loss
(20 minutes later)
Citigroup has suffered a second massive loss as risky investments linked to troubled credit markets continue to take their toll. Citigroup has suffered a second massive loss as the credit crisis continues to take its toll on the biggest US bank.
It made a loss of $5.11bn (£2.7bn) in the first quarter compared with a $9.8bn loss in the final three months of 2007. It made a loss of $5.11bn (£2.7bn) in the first quarter, although this was smaller than the $9.8bn loss reported in the final three months of 2007.
The results included about $6bn of write-downs for sub-prime mortgages and other risky assets. The results included about $12bn of write-downs for sub-prime mortgages and other risky assets.
Lenders worldwide have written off more than $200bn tied to the credit crisis. Lenders worldwide have written off more than $200bn tied to investments hit by the credit crisis.
The loss was slightly deeper than many analysts had expected but European stock markets rose in relief there were no nasty surprises.
Citigroup shares rose 6% to $25.46 in pre-market trade before the official Wall Street open.