Friday, July 18, 2008


Pretty positive!

Citigroup said Friday morning that it lost $2.5 billion, or 54 cents a share, in the second quarter.


But the chief executive, Vikram Pandit, positioned the $2.5 billion loss as progress. Last quarter, the financial conglomerate lost $5.1 billion.

“We cut our second-quarter losses in half compared to the first quarter,” Mr. Pandit said in a statement. “While there is still much to do, we are encouraged by our progress.”