Citi Loses Almost $10B, Slashes Dividend
NEW YORK (AP) -- Bad bets on mortgages led to a $10 billion loss for Citigroup Inc. in the final quarter of last year, the largest in its 196-year history. As a new wave of weak economic data intensified fears of a recession, the nation's biggest bank also cut jobs, slashed its dividend and turned to foreign investors for an infusion of cash.
The biggest hit came from a $18.1 billion write-down in the value ...
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