BREAKING NEWS

BREAKING NEWS

Citigroup posts loss after bailout payback

Now Reading:

Citigroup posts loss after bailout payback

Text size Aa Aa

Citigroup Inc has posted a 4th quarter loss of around 5.3 billion euros as result of paying back US government bailout loans.

The bank, which received a 31 billion euro government help package repaid 14 billion in the fourth-quarter.

It has also shed 100,000 jobs and sold off 14 assets including Japanese units Nikko Cordial Securities and Nikko Asset Management as it tries to recover from the financial crisis.