Citigroup reports staggering loss
In yet another sign that the American economy is facing major problems, Citigroup ``reported a staggering fourth-quarter loss of $9.83 billion on Tuesday and issued a sobering forecast that the housing market and the broader economy still had not bottomed out.''
Citigroup Inc is cutting about 2,000 more investment banking and trading jobs, a person briefed with the matter said, as the largest US bank moves to lower costs after subprime mortgage and credit problems led to a record quarterly loss.