Citi Announces Loss of $9.83 Billion in the Fourth Quarter (AP) (15-01-2008)

NEW YORK (AP) -- Following the fourth quarter losses announced, Citigroup Inc. is cutting its dividend, as the bank's mortgage portfolio lost $18.1 billion in value.

The largest U.S. bank said Tuesday it has secured a $12.5 billion investment from outside investors, including $6.88 billion from the Government of Singapore Investment Corp.

Other investors were Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, the New Jersey Division of Investment, shareholder Prince Alwaleed bin Talal of Saudi Arabia and former chief executive Sanford Weill and his family foundation.

The moves were widely anticipated on Wall Street after months of scrutiny over the bank's ratio of cash to debt. That ratio weakened when Citigroup lost money in mortgage-backed bond instruments called collateralized debt obligations and brought $49 billion in hemorrhaging funds known as structured investment vehicles onto its books.

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