Citigroup reports Q4 loss of $7.6bn

| January 19, 2010 | 0 Comments
Citigroup reports Q4 loss of $7.6bn

Citigroup, which is the third largest US bank, has today posted a loss for the fourth quarter of 2009, as a result of the repayment of Government loans.

The bank said it repaid $20 billion to the US Government during the 2009 year.

The Wall Street banking giant said losses totalled $7.6 billion (£4.7 billion) for the final three months of last year but stripping out these repayments, the bank recorded a loss of $1.4 billion during the period.

The figures were worse than market forecasts but an improvement on the $17.3 billion loss a year earlier.

Last week, fellow Wall Street banking giant JPMorgan Chase kicked off the reporting season by posting fourth quarter profits of $3.28 billion (£2 billion) compared with $702 million a year ago.

Goldman Sachs, Morgan Stanley, Wells Fargo and Bank of America are all due to report their results later this week.

Returning to Citigroup, Vikram Pandit, the bank’s chief executive, said the bank had made “enormous progress in 2009″.

“It was our responsibility to get our own house in order. We greatly improved Citi’s capital strength, reduced the size and scope of the company, and refocused our business strategy to take advantage of our unmatched global network,” said Pandit.

The results from the US banks come just a few days US President Barack Obama pledged to repay taxpayers the losses they are owed from bailing out the banks as he criticised bankers for the “massive profits and obscene bonuses.”

The President said: “My commitment is to recover every single dime the American people are owed.”

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