US banking giant Citigroup has unveiled a broad restructuring plan designed to offload weaker businesses and troubled assets. It has also reported an $8.3 billion fourth-quarter loss, its fifth straight quarterly loss.
The company also said it anticipated more departures from its board, which is losing Robert Rubin as a director later this year.
Citigroup's fourth-quarter loss of $8.3 billion, or $1.72 per share, compared with a loss of $9.8 billion, or $1.99 a share, a year earlier.
The bank said it was splitting into two divisions, one of which will focus on retail banking, the other on brokerage and retail asset management, local consumer finance, and a pool of assets that require special management.
Revenue fell 13% to $5.6 billion, reflecting weak capital markets. The company's global credit card business saw revenue decline 27% due to weakness in North America.
Consumer banking revenues declined 22%, driven by a 47% drop in investment sales.
'Our results continued to be depressed by an unprecedented dislocation in capital markets and a weak economy,' chief executive Vikram Pandit said.
