Citi Shares Rise Despite Big Loss |
| TheStreet.com - Apr 18, 2008 |
Citigroup posted a big first-quarter loss after recording billions of dollars more in writedowns, but the damage wasn't as bad as some investors feared, and as a result the banking firm's shares were advancing early Friday.
The loss for the period was $5.1 billion, or $1.02 a share, including $6 billion in pretax writedowns and credit costs on subprime-related investments.
Citi's results also factored in writedowns of $3.1 billion on leveraged finance commitments, a downward credit value adjustment of $1.5 billion, writedowns of $1.5 billion on auction rate securities and a $3.1 billion increase in credit costs in the consumer division.
CEO Vikram Pandit, in a company statement, said "unprecedented market and credit environment" weighed on the company's earnings, but the bank sees "strong momentum throughout the organization."
Read Full Article from TheStreet.com
- Posted: 2008-04-18 08:44:18
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