Citigroup posts losses, lower than expected, in Q1
By IANSFriday, April 17, 2009
NEW YORK - US banking giant Citigroup reported Friday it lost $966 million in the first quarter of 2009, better than analysts’ projections.
Citigroup had lost $5.1 billion in the first quarter of 2008.
It was the sixth straight quarterly loss for Citigroup, which in 2008 posted record losses of nearly $28 billion.
Now fighting for survival amid massive state support amounting so far to some $350 billion, Citigroup is in the process of selling off some divisions in a reorganisation.
Citigroup became the latest major US bank this week to report improved results in the first signs of the start of a recovery in the hard-hit US financial sector.
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