-
Login
-
Digital Edition
-
Print Edition
- Most Commented
- Most Commented
- Most Emailed
- Most Emailed
- Popular
- Popular
« News Home
Citigroup loses $7.8B in fourth quarter
TweetNEW YORK (AP) — Citigroup Inc. became the latest bank to take a cautious view of consumers' credit problems, reporting a $7.77 fourth-quarter loss due to failed loans and the costs of repaying government bailout money.
The bank said today it did see some early signs of improvement in its credit business although it still needed to set aside $8.18 billion to cover unpaid loans. That amount was down 10 percent from the third quarter, and 36 percent from a year earlier.
John Gerspach, Citigroup's chief financial officer, reported one of those improving signs during a conference call with the media, noting that the number of mortgage and credit card loans that were newly delinquent, or between one and three months past due, had started to stabilize and even drop in some of its lending portfolios.
"The U.S. credit story is still very much developing," however, Gerspach said.
Gerspach's comments were similar to those made by JPMorgan Chase & Co. when it reported Friday that it earned $3.28 billion during the fourth quarter thanks to its strong investment banking unit. JPMorgan said it set aside $7.28 billion for failed loans during the fourth quarter, nearly identical to the amount it reserved for bad loans during the final quarter in 2008. It also warned that it didn't know when it would be able to stop adding to its loan reserves.
Comments
So... is that why even though my bill is paid on time and not over the limit my interest rate skyrocketed to 30%??? Gee, thanks! WHERE IS ALL MY EXTRA MONEY GOING!!!???!!! I do have to admit that when I called to see about what I could do about that, the call center representative was AMERICAN.
The whole Citi bailout and now credit card interest rate hikes rip off is almost unbelievable. The taxpayers bailed them out, and then the same taxpayers are getting the shaft with higher rates so that Citi can replay the taxpayers for the bailout. I closed all of my Citi accounts when they for no reason at all, raised my rates. I'm not taking part in their little scam.
MY mortgage is through citi and my rate went up and I owe more on my house than its worth anymore so who will refinance me now . You refinance with one company they sell to another company then your screwed I refinanced in 2000 my payment was 456.oo now after so many companys my payment is 927.00 i cant afford to live here nomore
I feel bad for you all who have commented on this... it just plain ole stinks. I don't want to complain cause I am the one who used the cards in the first place so I am to blame as well. But still, it's much easier to blame the ones who are taking all my money. I cannot wait to pay them off when I am 67 :)