BUSINESS
05/21/2009 05:12 am ET Updated May 25, 2011

Citigroup Credit Losses Rising Rapidly, Goldman Says

April 20 (Bloomberg) -- Citigroup Inc.'s credit losses are growing at a "rapid rate," undermining Chief Executive Officer Vikram Pandit's efforts to stabilize the U.S. bank, according to Goldman Sachs Group Inc.

While Citigroup posted first-quarter net income of $1.6 billion last week, the New York-based bank suffered an "underlying" loss of 38 cents a share, Richard Ramsden, a Goldman Sachs analyst, wrote in a research note dated yesterday. He repeated a "sell" rating on the stock.

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