Citi hit with $9.83bn Q4 loss

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...