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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 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, although this was smaller than the $9.8bn loss reported in the final three months of 2007. | |
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 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. |