Citigroup Center in New York City Depicted in this photo.
| Last fall Citigroup shocked wall street analysts with catastrophic losses mounting to nearly $10 billion dollars. If not for a bailout by a certain Saudi Arabian prince who is also the largest shareholder, there is doubt as to whether the lights would have remained on. |
The latest results were a loss of over 5 billion. This show some sign of improvement, but still the company continues to lose money at a pace of about $55 million US Dollars per day. But hey it beats last quarter where losses were over $100 million per day.
Analysts were expecting the loss to be about 5% smaller. Investors must have had less faith than that. This is evidenced by a positive reaction to the negative news. This morning, shares were up over 8% in pre market trading.