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Citi Nets Loss Of $6.7 Billion Due to Mortgages.(Financial report)
Byline: Terry Peters
New York-Citigroup Inc. in its second quarter took $6.67 billion in writedowns that were largely mortgage-related and a net loss of $2.5 billion that it said marked a relative improvement given that it was half the size of the first quarter's.
The company said $3.4 billion of its writedowns stemmed from subprime-related direct exposures, $2.4 billion were related to exposure to monoline insurers, $545 million were on commercial real estate positions and $325 million were on alternative-A credit mortgages, net of hedges.
"The cost of credit increased by 20% from the first quarter, but writedowns in our securities and banking business dropped by 42%," said Vikram Pandit, Citi's chief executive officer. "Additionally, headcount ...
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Source: HighBeam Research, Citi Nets Loss Of $6.7 Billion Due to Mortgages.(Financial report)