Citigroup tied a revival of its fortunes to its international business yesterday after reporting a $7.6bn loss for the fourth quarter that underlined the continuing struggles of the US financial group's domestic operations.
The loss – Citi's sixth in the past 10 quarters – was amplified by the repayment of $20bn in federal bail-out funds last month.
But, even after excluding one-off items, the bank recorded a $1.4bn loss in the last three months of 2009. For the whole of the year, Citi reported a $1.6bn loss, compared with a $27.7bn loss in 2008.
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