Citigroup in £4.7bn loss

CITIGROUP has reported a loss of $7.6bn (£4.7bn) for the final three months of 2009 after being hit by the repayment of government loans.

The results were worse than had been forecast by analysts.

Citigroup chief executive Vikram Pandit remained upbeat despite the huge loss.

He said the bank had made "enormous progress in 2009".

“It was our responsibility to get our own house in order. We greatly improved Citi's capital strength, reduced the size and scope of the company, and refocused our business strategy to take advantage of our unmatched global network.”

He said the bank had repaid $20bn to the US government during the year.

Last week, rival JP Morgan reported profits of $3.3bn for the last three months of 2009.