Financial Times FT.com

Citi’s $2.5bn loss less than feared

By Francesco Guerrera, John Authers and Ben White in New York

Published: July 18 2008 11:56 | Last updated: July 18 2008 20:00

Citigroup capped a wild week for US equity markets on Friday, unveiling $7.2bn of writedowns and a smaller-than-expected loss that prompted investors to return to financial stocks as despair again gave way to relief.

Citi’s fresh round of writedowns brings its credit-related losses since the beginning of the crisis to almost $55bn.

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