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After a $8.29-b Q 3 loss
Battered splits itself into 2

New York, January 16
Citigroup will be splitting itself into two businesses even as the financial colossus slipped deeper into the red, posting losses for the fifth straight quarter.

The company which posted more than $8-billion loss for the December quarter said in statement, “Today, we announced that we would separate the company, for management purposes, into two separate businesses Citicorp and Citi Holdings.” Hit by writedowns and losses in securities and banking verticals, higher credit losses and restructuring costs, the Vikram Pandit-led Citi today posted a loss of $8.29 billion in the fourth quarter.

The company had a loss of $9.83 billion in the year-ago period. Following the split, traditional banking businesses would be held under Citicorp, while other riskier assets would come under Citi Holdings.

The banking major had revenues to the tune of $5.59 billion for the December quarter, against $6.42 billion in the corresponding period a year earlier. “Results reflect the negative impact from $7.8 billion in revenue marks in securities and banking, a $5.3- billion downward credit value adjustment on derivative positions, excluding monolines.” — PTI

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