2008 brought losses of $18.72 billion to Citi

Citi released its fourth quarter results report. A net loss for the 2008 fourth quarter accounted for $8.29 billion, or $1.72 per share, based on 5,347 million shares outstanding. Revenues of $5.6 billion were affected by write-downs and losses in Securities and Banking. Results also include $6.1 billion in net credit losses and a $6.0 billion net loan loss reserve build.

For the full year 2008, Citigroup reported a net loss of $18.72 billion, or $3.88 per share. See Schedule C for full year business segment results. Results reflect the negative impact from $7.8 billion in revenue marks in Securities and Banking, a $5.3 billion downward credit value adjustment on derivative positions, excluding monolines, $2.5 billion of losses in private equity and equity investments, $2.0 billion of restructuring costs, and a $6.0 billion net loan loss reserve build.

The loss sharing program with the U.S. Government, closed on January 15, 2009, reduces risk and lowers the regulatory capital requirement on $301 billion of covered assets. Additionally, Citi closed on the issuance of $7.1 billion of liquidation preference perpetual preferred stock and warrants to the U.S. Treasury and FDIC.

Source: Citigroup