Citigroup Inc lost $8.29 billion in its latest quarter, marking five straight quarters of losses as it unveiled a restructuring plan that divides the company into two major units.
Investors were pleased with the news, sending shares up 9.7 percent in pre-market trading on Friday.
The said Friday morning it lost $8.29 billion, or $1.72 percent compared to a loss of $9.8 billion, or $1.99 per share a year ago.
The restructuring divides the bank into a one unit which is a global universal bank in more than 100 countries. The other unit will be made up of brokerage and retail asset management, local consumer finance and a special assets pool.
This will help in our ongoing efforts to reduce our balance sheet and simplify our organization, which will enable us to better serve our clients and customers in both businesses without disruption, said chief executive Vikram Pandit in a statement.
The company will begin reporting its results reflecting the new structure starting in the second quarter of this year.