Banks are still taking it in the shorts without any financial improvement as Citigroup reported today in a press release fourth quarter loss of 7.6 billion. On a per share basis the company lost 33 cents per share. While managed revenues were $91.1 billion for the year. The fouth quarter net loss was $7.6 billion.
Vikram Pandit, Chief Executive Office of Citigroup, reported they had cut costs by over $13 billion annually, reduced head count by 100,000, and reduced assets by $500 billion from peak levels.
David Ellis at CNNMoney reported: Citigroup suffers $7.6 billion loss
The bank also highlighted some encouraging within its massive loan portfolio. Credit losses fell to 7.1 billion during the quarter , down $800 million from the previous three month period.
For answers to all your financial questions check us out. Subscribe to learn how prevent another economic crisis.
No comments:
Post a Comment