Citigroup loses $7.6B in 4Q as it repays TARP
Citigroup says it lost $7.58 billion during the final three months of 2009 as consumers still struggled to repay loans and the bank repaid its government bailout money.
Citigroup says it lost $7.58 billion during the final three months of 2009 as consumers still struggled to repay loans and the bank repaid its government bailout money.
Citi on Tuesday said $6.2 billion of the loss was tied to paying back $20 billion in money it received from the government.
The New York-based bank set aside $8.18 billion to cover soured loans during the quarter. However, in an encouraging sign, Citi’s provision for loan losses declined 10 percent from the previous quarter and 36 percent from the year-ago period when the credit crisis peaked.
Citigroup lost 33 cents per share during the quarter, in line with analysts expectations, according to Thomson Reuters.
The bank’s stock was unchanged in pre-opening trading.
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