Citi shares increase despite company's Q4 losses

Citigroup reported losses of $7.6 billion for the fourth quarter, but investors drove up shares on hopes that declining loan losses might mean the bank has survived the worst of the financial crisis. CEO Vikram Pandit said overseas loan performance looks strong and that the bank "made enormous progress" last year. The bulk of Citigroup's losses stemmed from accounting charges related to the bank's repayment of the US government's Troubled Asset Relief Programme.

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