Citigroup, the nation's largest bank, said on Friday that it lost $5.1 billion or $1.02 a share a share in the first quarter, driven by $6 billion of pre-tax write-downs and credit costs on sub-prime related direct exposures.
The firm also announced write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in its global consumer business.
The result compares to a profit of $1.01 a share a year ago. Analysts polled by Thomson First Call had expected the firm to report a loss of 95 cents a share, on revenue of $12.8 billion.
http://www.marketwatch.com/News/Story/Story.aspx?guid={4170F11F-B23E-42C4-9EFF-422598146B80}
They're not cutting the dividend further? What am I missing?
The firm also announced write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in its global consumer business.
The result compares to a profit of $1.01 a share a year ago. Analysts polled by Thomson First Call had expected the firm to report a loss of 95 cents a share, on revenue of $12.8 billion.
http://www.marketwatch.com/News/Story/Story.aspx?guid={4170F11F-B23E-42C4-9EFF-422598146B80}
They're not cutting the dividend further? What am I missing?