By Jennifer Glickel
DNAinfo Reporter/Producer
MANHATTAN — Citigroup reported a fourth quarter loss of $7.6 billion on Tuesday, $6.2 billion of which is tied to repaying government bailout money.
The investment bank, which is 27 percent owned by the Treasury Department, also announced that it lost $1.6 billion overall in 2009, a small sum compared to its $27.68 billion loss the year before.
"We have made enormous progress in 2009," Citi CEO Vikram Pandit said in the earnings report.
Citigroup reported that net credit losses were $7.13 billion, down $800 million from the prior quarter.
The bank also added $706 million to its loan loss reserves in the quarter, bringing the reserves to $36 billion at year-end or 6 percent of total loans.
Stocks rallied at market opening on Tuesday morning after the market dropped almost 101 points before closing on Friday after J.P. Morgan Chase reported deep losses on mortgage and credit card loans in the fourth quarter.
