THE NEW YORK TIMES: Citigroup capped a devastating 2008 by announcing Friday that it would split into two entities and that it had posted an $8.29 billion loss for the fourth quarter.
Citigroup’s rival, Bank of America, also posted a loss, just hours after receiving a new infusion of government support.
Underlining the depth of the problems that have emerged from its acquisition of Merrill Lynch, Bank of America said Merrill had a fourth-quarter net loss of $15.31 billion, or $9.62 per diluted share, “driven by severe capital markets dislocations,” before the acquisition was completed.
Even as Bank of America was coping with the challenge of absorbing Merrill, Citigroup was announcing the latest steps in dismantling its own financial supermarket.
Citigroup confirmed that it would divide, for management purposes, into two separate businesses — Citicorp and Citi Holdings. >>> By MATTHEW SALTMARSH and ERIC DASH | Friday, January 16, 2009
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