It Hasn't Stopped Yet

Citibank, the largest bank in the U.S., announced a loss of $9.83 billion for the fourth quarter. This brings Citi's loss from the sub-prime debacle to $18.1 billion. Revenue for the quarter was down 70% from Q4 in 2006. The company cut its dividend from 54 to 32 cents a share and says it will cut 20,000 jobs. Despite the bad news, the company was able to secure just about $9.83 billion from investments by Singapore ($6.88 b.) and Kuwait ($3b.)

At the same time Merrill Lynch raised $6.6 billion from Kuwait, Korea and the Mizhuo bank of Japan.

The BBC summarizes the sub-prime losses known to date:

Citigroup: $18bn

UBS: $13.5bn

Morgan Stanley $9.4bn

Merrill Lynch: $8bn

HSBC: $3.4bn

Bear Stearns: $3.2bn

Deutsche Bank: $3.2bn

Bank of America: $3bn

Barclays: $2.6bn

Royal Bank of Scotland: $2.6bn

Freddie Mac: $2bn

Credit Suisse: $1bn

Wachovia: $1.1bn

IKB: $2.6bn

Paribas: $439m

It's a wonderful economy. Isn't it?