Citigroup announce $18 billion loss
America's second largest bank, Citigroup, announced it's first ever quarterly loss overnight with investors responding to the news by dropping their stock to invest in bonds.
Citigroup announced that it had written off USD$18.1 billion and posted a fourth-quarter loss of USD$9.83 billion.
This resulted in the share price of Citigroup losing 7.2 percent of its value.
The bank's new chief executive officer, Vikram Pandit, said the loss was "clearly unacceptable."
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