Citi Racks Up $10B Loss

Updated from 7:49 a.m. EST

Citigroup (C Quote) reported a nearly $10 billion loss and posted an $18.1 billion writedown, forcing the bank to cut its dividend, slash jobs and pound the pavement for additional funds from domestic and foreign investors in order to steady its shaky business.

The nation's largest bank reported a fourth-quarter net loss of $9.83 billion, or $1.99 a share. That compares with a profit of $5.13 billion, or $1.03 per share for the same period last year. The per-share loss was nearly double what analysts polled by Thomson Financial had predicted.

Cramer: Expect More Doom at Citi

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