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C » Topics » STRENGTHENED CAPITAL AND LOAN LOSS RESERVES

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.

 

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