US banking giant Citigroup has reported a $9.83bn (Ј5bn) net loss for the last three months of 2007.
Chief executive Vikram Pandit said the loss had been caused by a $18.1bn exposure to bad mortgage debt and was "clearly unacceptable".
The company, America's largest banking group, said its revenues for the fourth quarter were down 70% from a year earlier to $7.2bn.
Mr Pandit has pledged to turn around Citigroup's fortunes.
It was also announced that Citigroup is going to get a cash injection of $6.88bn from Singapore government investment agency GIC.
This follows after a similar $7.5bn investment in Citigroup from A380 rolls off Singapore runway ...
Air China raises price for rival ... another government agency, the Abu Dhabi Investment Authority, last November, as the bank seeks to stabilise its finances.
(BBC)
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