US banking major Citigroup reported on Friday it sustained net losses of $5.11 billion in the first quarter of 2008 having to write down loans and bonds worth $12 billion in the subprime mortgage crisis.
The first-quarter red ink compares with a profit of just over $5 billion in the same 2007 period and was somewhat higher than analysts' projections, according to the Bloomberg financial agency.
The losses came on revenues of $13.2 billion. While this was down 48 per cent from the first quarter of 2007, it was some $2 billion higher than projections given in a survey of analysts by Bloomberg.
Citigroup became the latest among major US financial institutions this week to report first-quarter problems in the further fallout from the mortgage crisis and US economic slump.
On Thursday, Merrill Lynch reported a net loss of $1.96 billion after nearly $7 billion in writedowns.
On Tuesday, Washington Mutural reported losing $1.1 billion in the quarter, while a day before that, Wachovia Corp posted a loss of $350 million.
JPMorgan Chase on Wednesday reported net earnings of $2.37 billion, but this figure was down about one-half from the year-earlier results.