The bank said that it lost about $1.6 billion in 2009 — after a $18.72 billion loss the year before. It also reported $7.6 billion loss in the fourth quarter, mostly as a result of a $10.1 billion accounting charge tied to the repayment of its bailout money, which ended any chance of a profit. Last year, the bank had a fourth quarter loss of $8.29 billion or a $1.72 a share.
At Citigroup, most of the fourth-quarter loss stemmed from an accounting charge linked to the company's exit from the government's Troubled Asset Relief Program. Even without that charge, Citigroup would have lost $1.4 billion in the period.
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