Citigroup reports loss

Citigroup posted a fourth-quarter loss of $7.6 billion after repaying government funds. The third-largest U.S. bank said the loss amounted to 33 cents a share, compared with a loss of $17.3 billion, or $3.40 a share, in the same quarter a year earlier. The loss matched analysts' average estimate, according to Thomson Reuters. The bank set aside $8.2 billion in the quarter to cover bad loans and other losses, down 36% from a year earlier. Citigroup has been struggling to return to profitability in its main lending businesses after posting more than $100 billion of credit losses and writedowns. Although the bank posted a profit for 2009, $6.7 billion came from selling a controlling stake in its Smith Barney business. Citigroup shares fell more than 50% in 2009, while the KBW Bank index, a broader measure of banks, fell 3.6%.