Citi Posts $2.5 Billion Loss,But Better Than Expected

The big U.S. commercial and investment bank posted a $2.5 billion loss in the second quarter, as it chalked up $7 billion in write-downs in its investment bank and another $7.2 billion in credit costs.

But the losses and write-downs each fell by about half from the first quarter, and neither was as bad as analysts had feared. The results sent Citigroup's shares up 8% in premarket trading and acted as somewhat of a counterweight to Merrill Lynch & Co.'s (MER) announcement of much worse than expected results after the market's close Thursday.

All is clearly not yet well for the financial-services giant, which has now written down more than $40 billion in asset value over the past four quarters. But the results may give some optimists hope that a bottom has been found, even if Citi may hug that bottom for some time.

Read Full Article from CNNMoney.com

- Posted: 2008-07-18 09:48:10

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