Citigroup has announced it recorded a $9.83bn (£5bn) loss in Q4 2007, attributed to continued sub-prime related exposure.
The results reflect an $18.1bn sub-prime write-down and $4.1bn consumer credit cost increase. New Citi CEO Vikram Pandit labelled the Q4 result “clearly unacceptable”. “Our poor performance was driven primarily by two factors – significant write-downs and losses on our sub-prime direct exposures in fixed income markets, and a large increase in credit costs in our US consumer loan portfolio,” he says. Pantit vowed to turn the results around, announcing the group was in the midst of a thorough business review. "We have begun to take actions to ensure that Citi is well positioned to compet...
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