Citigroup Posts Q2 Loss Amid $7.2 Billion in Credit Costs

"The financial giant posted $7 billion in write-downs in its investment bank and another $7.2 billion in credit costs — huge losses, to be sure, but also far less than one quarter earlier. Analysts had generally expected Citigroup to report a $3.67 billion loss, which meant that shares were trading up 8.7 percent to $19.54 in early trading on Friday morning as a result, despite the massive income hit tied to write-downs and credit costs."