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Citigroup on Friday said it lost $5.1bn in the first quarter following fresh writedowns of $13bn on troubled assets and a spike in credit costs.
Vikram Pandit, chief executive, blamed the loss on a continuation of the ”unprecedented credit and market environment” and confirmed plans to slash costs including the sale of non-strategic assets.
Mr Pandit plans to cut Citi’s cost base by up to 20 per cent, a goal that will likely include significant reductions in the bank’s 370,000-strong workforce.
Citi has been rocked by the credit squeeze, suffering repeated multi-billion dollar writedowns on its exposure to mortgage-related assets, leveraged loans and other holdings.
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