Citigroup lost $1.02 per share, lagging behind the average estimate of 95 cents a share. This is one of those downside surprises that somehow is not all that surprising. The bank wrote off $12 billion in subprime-related debt, bond insurer exposure, leveraged loan commitments, auction rate securities and--a mild surprise--consumer credits. In the fourth quarter, it wrote down $18 billion. The first-quarter results seem in line with those who argue Citigroup will be forced to raise more capital this year. It already has raised about $20 billion over the last five months. Some perspective on the woes at the bank: Revenues were $13.2 billion in the quarter. A year ago--hard to believe now--revenues were $25.5 billion. Welcome to the new era.  

For more:
- here's a CNNmoney.com article

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