Posted on 19/07/08
Citigroup posts loss of $2.5-billion in quarter
Citigroup Inc. has become the latest big bank to assuage Wall Street's worries about a financial sector implosion, posting a $2.5-billion (U.S.) second-quarter loss that was smaller than expected. Citi joined JPMorgan Chase & Co. and Wells Fargo & Co. in persuading investors that the prognosis for the sector, while gloomy, may not be as dire as feared. But it's difficult to get too enthusiastic about clearing a low bar.
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