By Paul Ausick of 24/7
Following in footsteps of JPMorgan Chase (JPM), Citibank (C) today reported a net loss of $1.6 billion for 2009 on losses in mortgage and credit card lending that more than offset gains in the bank’s investment banking division. While JPMorgan was able to post earnings of $11.7 billion for the year, the problems in its consumer businesses are indicative of a serious problem facing all the big banks. That pattern is likely to put additional pressure on Bank of America (BAC) and Wells Fargo (WFC) shares, which still have to report fourth-quarter and full-year earnings.
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