Citigroup beats hopes with £1.25bn loss

The world’s biggest bank gave the under-pressure UK financial sector a lift today after posting better-than-expected results.

Citigroup suffered a net loss of US$2.5m (€1.6bn), comfortably ahead of the three billion dollar deficit expected by analysts. It was also less than half the US$5.1bn (€3.2bn) dollar net loss seen in the first quarter.