Financial services giant records $5.1 billion loss and more than $15 billion in writedowns, and says it will eliminate more positions.
Citigroup delivered yet another quarter of devastating results Friday, this time losing more than $5 billion due to troubles in its fixed-income business and higher consumer credit costs, adding it would cut an additional 9,000 jobs.
The New York-based company also recorded more than $15 billion in writedowns, with the lion's share coming from subprime-related direct exposures.
But investors cheered the news, sending shares of Citigroup (C, Fortune 500) more than 6% in early trading, as the results were not as bad as some had feared.
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