Citigroup US Bank Loss Sub-Prime Market
The last 3 months of 2007 saw a net loss of $9.83 bn, 5 billion pounds for Citigroup the big US Bank. The sub-prime market is responsible with mortgage debt exposure of $18.1bn.
Revenues from the banking group which is the largest in the US had fallen in the fourth quarter by 70%. A cash injection for Citigroup will occur from Singapore Government Investment Agency.($6.88bn)
There have also been reports that Citigroup may well announce job losses of over 20,000.