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Citigroup posts $2.5b loss, but beats expectations
(Agencies)
Updated: 2008-07-18 23:43 NEW YORK -- Citigroup posted another loss and laid off 6,000 employees in the second quarter as it struggled with surging loan defaults, but the $2.5 billion shortfall was smaller than Wall Street anticipated.
The nation's biggest banking company by assets lost the equivalent of 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. Analysts surveyed by Thomson Financial had predicted a larger loss of 66 cents share. |