The nation’s biggest banking company by assets reported Friday it lost US$2.5 billion, or 54 cents per share, in the April-June period. In the same timeframe last year, the bank earned US$6.23 billion, or US$1.24 per share.

Thomson Financial said analysts had predicted a loss of 66 cents a share. Citigroup Inc.’s securities and banking division has written down its assets by US$7.2 billion, before taxes. Credit costs have jumped to US$7.2 billion as more consumers defaulted on their loans.

The bank reduced its work force by 6,000 during the quarter. That brings its job cut total to 11,000 for 2008.

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