Posted AT 10:39 AM EDT on 18/07/08
Citigroup posts smaller-than-expected loss
NEW YORK — Citigroup Inc posted a smaller-than-expected quarterly loss, despite $11.7-billion (U.S.) of write-downs and credit losses tied to deteriorating capital markets and a slumping economy.
Though the second-quarter loss totalled $2.5 billion, Citigroup's results soothed investors, who pushed shares of the largest U.S. bank by assets up $1.56, or 8.7 per cent, to $19.53 in Friday morning trading on the New York Stock Exchange.
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