Citigroup has suffered a second massive loss as the credit crisis continues to take its toll on the biggest US bank.
It made a loss of $5.11bn (£2.7bn) in the first quarter, although this was smaller than the $9.8bn loss reported in the final three months of 2007.
The results included about $12bn of write-downs for sub-prime mortgages and other risky assets.
Lenders worldwide have written off more than $200bn tied to investments hit by the credit crisis.
"Our financial results reflect the continuation of the unprecedented market and credit environment," said Citigroup chief executive Vikram Pandit.
Only Switzerland's UBS has reported bigger write-downs and credit losses than Citigroup from the collapse of the sub-prime mortgage market.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
