This excerpt taken from the C 8-K filed Jul 18, 2008.
STRENGTHENED CAPITAL AND LOAN LOSS RESERVES
New York, NY, July 18, 2008 Citigroup Inc. (NYSE: C) today reported a net loss for the 2008 second quarter of $2.5 billion, or $0.54 per share, based on 5,287 million shares outstanding.(1) Solid results in the core franchise were offset by write-downs and credit costs. Results include $7.2 billion in pre-tax write-downs in Securities and Banking (See Schedule C on page 10). Additionally, credit costs increased $4.5 billion, mainly driven by Consumer Banking in North America and Global Cards.