$10 billion loss - Citigroup

New CEO ofCitigroup, Vikram Pandit, promised better results. "Unacceptable, we need to do better, and we will do better."

The nation's biggest bank announced a $10 billion 4th quarter loss, primarily because of an $18 billion write-down of assets related to subprime mortgages. The size of the write-down dwarfed Citigroup's October estimate of $11 billion.

A cut in its quarterly dividend, from 54 cents to 32 cents, saves $5 billion a year. The recent cash infusions include: $12.5 billion from a group of investors, plus an earlier $7.5 billion from Abu Dhabi, and plans to sell $2 billion of new shares to the public. Layoffs of 4,200 employees, out of 300,000 worldwide. Further layoffs could be ahead. Last spring, 17,000 were laid off.