USA: CITI LOSS 2.2 BILLION, 2d Q

CITI REPORTS SECOND QUARTER NET LOSS OF $2.2 BILLION, LOSS PER SHARE OF $0.49, FROM CONTINUING OPERATIONS
NET LOSS OF $2.5 BILLION, LOSS PER SHARE OF $0.54, PRIMARILY DUE TO FIXED INCOME WRITE-DOWNS AND HIGHER CONSUMER CREDIT COSTS IN NORTH AMERICA
SUBSTANTIAL SEQUENTIAL IMPROVEMENT DRIVEN BY LOWER WRITE-DOWNS AND STRENGTH OF CORE FRANCHISE
PROGRESS ON NEAR-TERM GOALS, INCLUDING YEAR-TO-DATE HEADCOUNT REDUCTIONS, LOWER EXPENSES FOR THE SECOND CONSECUTIVE QUARTER, AND REDUCTION IN LEGACY ASSETS
STRENGTHENED CAPITAL AND LOAN LOSS RESERVES
New York, NY, July 18, 2008 — Citigroup Inc. (NYSE: C) today reported a net loss for the 2008 second quarter of $2.5 billion, or $0.54 per share, based on 5,287 million shares outstanding.(1) Solid results in the core franchise were offset by write-downs and credit costs. Results include $7.2 billion in pre-tax write-downs in Securities and Banking (See Schedule C on page 10). Additionally, credit costs increased $4.5 billion, mainly driven by Consumer Banking in North America and Global Cards....