NEW YORK (Reuters) -- Turmoil in housing and credit markets drove Citigroup Inc to its fourth straight quarterly loss, reflecting more than $13 billion of loan losses and write-downs for complex and risky debt. The bank on Thursday said it was making good progress on shedding assets and cutting costs, including slashing 11,000 jobs since June. Yet it said tough credit and economic conditions world
Citigroup posts 4th straight loss on write-downs
NEW YORK (Reuters) -- Turmoil in housing and credit markets drove Citigroup Inc to its fourth straight quarterly loss, reflecting more than $13 billion of loan losses and write-downs for complex and risky debt. The bank on Thursday said it was making good progress on shedding assets and cutting costs, including slashing 11,000 jobs since June. Yet it said tough credit and economic conditions worldwide could weigh on a variety of businesses, including investment banking and credit card lending.
