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C » Topics » RECORD EARNINGS IN TRANSACTION SERVICES, UP 63%; INTERNATIONAL REVENUES STRONG

This excerpt taken from the C 8-K filed Apr 18, 2008.

RECORD EARNINGS IN TRANSACTION SERVICES, UP 63%; INTERNATIONAL REVENUES STRONG

 

New York, NY, April 18, 2008 — Citigroup Inc. (NYSE:C) today reported a net loss for the 2008 first quarter of $5.1 billion, or $1.02 per share, based on 5,086 million shares outstanding(1).  Results include $6.0 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures.  Results also include write-downs of $3.1 billion (net of underwriting fees) on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in global consumer.

 

(1) Fully diluted shares are 5,591 million.

 

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