Banking giant Citigroup has posted huge losses as the global credit crisis continues to hit US banks.
The firm, America's largest banking group, made a net loss of $5.11bn in the first quarter of 2008.
Write-downs on investments hit by the crisis in the American sub-prime mortgage market reached $12bn.
Chief executive Vikram Pandit said: "Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions.
"During the first quarter, valuations of our sub-prime related exposures in fixed income markets and leveraged finance assets have further declined and credit costs in our consumer lending businesses have increased."
Citigroup made a net loss of $9.8bn in the final three months of 2007.
The article Citigroup posts huge losses originally appeared on 999 Today
comments
What do you think? Give us your opinion on the comments page.