Citigroup Suffers $18 Billion Subprime Hit, May Cut Jobs
Atlanta, GA 1/15/2008 03:34 PM GMT (FINDITT)
Citigroup may layoff thousands of jobs after the financial institution announced an $18 billion subprime hit Tuesday.
Citigroup posted a net loss of $9.83 billion, or a loss of $1.99 a share, compared with a profit of $5.13 billion, or $1.03 a year earlier. This was roughly double the 97 cent a share loss analysts had anticipated.
Citigroup's revenue fell to $7.22 billion in the fourth quarter, down 70 percent from $23.83 billion generated during the final quarter of 2006.
Citigroup, the nation's largest bank, said Tuesday it has received $12.5 billion investment from outside investors, including $6.88 billion from the Government of Singapore Investment Corp. The latest news from Citigroup is that the bank is looking for a total of $14 billion in outside investments.
Citigroup also reduced its assets 7.4% to $176 billion to maintain the ratio of equity to assets that bank regulators require.
For the full year, Citigroup posted net income of $3.62 billion, or 72 cents per share.
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befound@finditt.com
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