Citigroup swings to loss after $7.2 bln writedown
By Daniel at 18 July, 2008, 6:54 am
NEW YORK (MarketWatch) - Citigroup, the nation’s largest bank by assets, said on
Friday that it lost money for the third consecutive quarter after writing down
$7.2 billion of investments. The company said it lost $2.5 billion, or 54 cents a
share, compared to a profit of $6.23 billion, or $1.24 a share. On a continuing
operations basis, the firm lost $2.22 billion, or 49 cents a share, compared to
$6.14 billion, or $1.23 a share.
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