Citigroup racks up $700 million in credit losses: report - MarketWatch

Citigroup racks up $700 million in credit losses: report - MarketWatch: "Citigroup seen taking $700 million in credit losses By Shawn Langlois, MarketWatch Last Update: 1:52 PM ET Aug 11, 2007 SAN FRANCISCO (MarketWatch) -- Citigroup Inc. has reportedly lost more than $700 million in credit business in recent weeks, placing the world's biggest financial services firm high on the list of casualties from the market-roiling credit crunch. The losses are not a serious issue for a bank that pocketed more than $20 billion last year. The red ink, however, will be embarrassing for Citigroup's (C : Citigroup, Inc News , chart , profile , more Last: 47.00+0.10+0.21% 4:00pm 08/10/2007 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: C47.00, +0.10, +0.2% ) Chairman and CEO Chuck Prince, undermining his efforts to restore investor confidence, according to a report from the Financial Times on Saturday. Chart of C Prince told the FT last month that the lending party would end, but with so much liquidity that it wouldn't be disrupted by the U.S. subprime mortgage turmoil. The losses, which are in addition to those Citi faces from lending commitments to leveraged buyouts, were incurred mostly in the structured credit business run by Michael Raynes, wh"