Markets Open Higher Even As Citigroup posts $7.6 billion Q4 loss

Markets Open Higher with the Dow rising by 39 points to 10,649 Even As Citigroup Reports Significant Loss, Citigroup Inc has recently posted a USD 7.6 billion fourth-quarter loss due to charges associated with repaying the government funds. Nasdaq gained 17 points to 2305.

The third-largest United States bank said the loss amounted to 33 cents a share, compared with a loss of USD 17.3 billion, or USD 3.40 a share, in the same quarter a year earlier.

Citigroup is the second major United States bank to report fourth-quarter results. JPMorgan Chase & Co posted a quarterly profit of USD 3.3 billion last week, helped by rising fixed-income trading revenue, but suffered deep losses on US mortgage and credit card loans, which disappointed many investors.

Citigroup has been struggling lot to return to profitability in its main lending businesses after posting more than USD 100 billion of their credit losses and writedowns. Although the bank has posted a profit for 2009, USD 6.7 billion came from selling a controlling stake in its Smith Barney business.

Citigroup shares come down drastically more than 50% in year 2009, while the KBW Bank index, a broader measure of banks, fell around 3.6%.

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