Citigroup said it lost $9.83bn in the fourth quarter following a writedown of $18.1bn on its subprime mortgage-related exposure and increased losses on consumer loans.
Citi also said it would raise $12.5bn in new capital to shore up its balance sheet through the sale of convertible preferred securities and would cut its quarterly dividend by 40 per cent, from 54 cents to 32 cents a share.
