US banking giant Citigroup has reported a first-quarter net loss of $5.1 billion, including $6 billion in write-downs related to the sub-prime mortgage crisis.
Earnings per share were a negative $1.02, a steeper than the 95-cent loss that most analysts had forecast.
The net loss was mainly driven by fixed-income results and higher consumer credit costs, Citigroup said.
The group reported a massive $12 billion in write-downs. Citigroup took $6 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures.
