Bailout exit and credit losses hit Citi numbers

22 Jan 2010

Citi posted a $7.6bn loss for the fourth quarter on Tuesday, mainly resulting from the repayment of $20bn of preference shares held by the government and continued credit losses from its consumer and corporate loan books.

It made an $8bn pre-tax loss from the repayment of the Troubled Asset Relief Programme capital injection and a further $2.1bn from exiting the $300bn asset guarantee arrangement with the government.

Credit valuation adjustments on its own liabilities, including an $840m correction of previous quarters’ adjustments meant further ...

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