Citigroup posts $2.5B loss as loan defaults mount
Citigroup says it posted a $2.5 billion loss and laid off more employees in the second quarter as it struggled with surging loan defaults.
The nation's biggest banking company by assets reported Friday it lost $2.5 billion, or 54 cents per share, in the April-June period. In the same timeframe last year, the bank earned $6.23 billion, or $1.24 per share.
Thomson Financial says analysts had predicted a loss of 66 cents share.
Citigroup Inc.'s securities and bankin...
7/18/2008 11:19:00 AM
Kentucky.com: Business
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