Tuesday, January 19, 2010

Citigroup: Fourth Quarter Net Loss of $7.6 Billion

by Bill McBride on 1/19/2010 08:10:00 AM

Press Release: Fourth Quarter Net Loss of $7.6 Billion

Citigroup today reported a full year 2009 net loss of $1.6 billion ... Managed revenues were $91.1 billion for the year. The fourth quarter 2009 net loss was $7.6 billion ...

"We ... cut costs by over $13 billion annually, reduced headcount by 100,000, and reduced assets by $500 billion from peak levels." [said Vikram Pandit, Chief Executive Officer of Citigroup]
More from Eric Dash at the NY Times: Citigroup Reports a $1.6 Billion Loss for Year
[L]osses in Citigroup’s domestic mortgages and credit units overwhelmed gains from investment banking, a trend that is likely to continue. Bank executives set aside another $700 million to cover consumer losses in the fourth quarter, bringing the total amount of reserves to about $36 billion at year’s end.
The confessional is still open.