Reply #16: Citigroup posts $5 bln loss on more than $10 bln writedown

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http://www.marketwatch.com/news/story/citigroup-posts-5-bln-loss/story.aspx?guid=%7B4170F11F%2DB23E%2D42C4%2D9EFF%2D422598146B80%7D&dist=MostReadHome

NEW YORK (MarketWatch) - Citigroup (C), the nation's largest bank, said on Friday that it lost $5.1 billion or $1.02 a share a share in the first quarter, driven by $6 billion of pre-tax write-downs and credit costs on sub-prime related direct exposures. The firm also announced write-downs of $3.1 billion 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 its global consumer business. The result compares to a profit of $1.01 a share a year ago. Analysts polled by Thomson First Call had expected the firm to report a loss of 95 cents a share, on revenue of $12.8 billion.