We're in the Red On Sub-Prime, Says Citigroup ; City & Finance

Summary

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CITIGROUP admitted it has lost far more money on toxic sub-prime investments than it has ever made in profits from investing in the arcane debt instruments.

At an excruciating Treasury Select Committee hearing which, left bosses of the big banks squirming, Citi's European chief William Mills said the losses in mortgage-backed securities 'greatly exceeded our profits'.

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We're in the Red On Sub-Prime, Says Citigroup ; City & Finance

UBS's European head Jeremy Palmer admitted his bank may also have g...

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