Citigroup confirmed on Friday that it would split into two businesses after reporting a fourth-quarter loss of $8.29bn, or $1.72 a share.

The results were within the range of the $6bn-$10bn loss that analysts were expecting and compared with a loss of $9.8bn, or $1.99 a share, during the same period a year earlier. It was the bank’s fifth consecutive quarterly loss. Citi lost $18.72bn, or $3.88 a share, in 2008.