April 19, 2008
Citigroup posted a $5.11 billion quarterly loss. 9000 jobs to be hacked.
According to a report on NYDaily Citigroup posted a $5.11 billion quarterly loss Friday and said it will cut another 9,000 jobs after suffering billions of writedowns tied to mortgages, other debt and the slumping economy.
The loss was larger than expected and reflected more than $16 billion of writedowns and credit-related costs at the nation’s largest bank. It compares with year-ago profits of $5.01 billion. Revenues fell 48% to $13.22 billion.
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