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Citigroup reports US$2.8 billion loss

(Agencies)
Updated: 2008-10-17 08:52

American Citigroup reported a $2.8 billion loss in the third quarter, the fourth consecutive season that the global banking giant has been troubled by rising write-downs on investments and more losses on loans.

The giant bank took $13.2 billion in charges in the third quarter, bringing the total amount of write-offs and credit losses since the subprime crisis began in 2007 to $64 billion.

And as more signs of a global slowdown surface, the bank continues to come under pressure. Although the write-downs in its investment bank declined, losses in Citigroup’s global consumer businesses rose sharply. Credit costs increased 84 percent, to $9.1 billion, driven by charge-offs and reserve increases in the bank’s credit card, consumer finance and banking operations.

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The quarterly loss was a stark reversal from the $2.2 billion the bank earned in the period a year ago. The loss was 60 cents a share, compared with a gain of 42 cents a share in the third quarter a year ago.

Citigroup shares closed down 4.8 percent to $15.45 per share.

Citigroup’s chief executive Vikram Pandit said in a statement that the bank’s results reflected a “difficult environment” and write-downs as the bank sheds more than $400 billion in non-core operations, low-returning assets and toxic mortgages. Citigroup also eliminated 11,000 jobs in the third quarter, bringing the total number of layoffs to 23,000 in 2008.

Although Pandit said they were making “excellent progress,” he gave no indication that when the bank would return to profitability.

Citigroup has long been considered a bellwether for the global finance industry. Its range of businesses, from investment banking to credit cards, and sprawling international reach are rivaled by only a handful of banks.

On paper, the diversified bank was supposed to be the ideal business model at these tumultuous times. But as the markets gyrated wildly and the global economy teeters, Citigroup shares have plummeted along with other major banks.

Citigroup is the latest big bank to announce results. Merrill Lynch, which sold itself to Bank of America, reported a $5.1 billion loss for the July-September period.

The giant bank’s big consumer operations were pummeled in the quarter, forcing it to add to the billions it has set aside to cover potential losses in credit-card, home-equity and auto loans.