The report include a $18.1 billion in pre-tax write-downs related to the subprime crisis and a $4.1 billion increase in credit costs because of current and estimated losses, the bank said in a release Tuesday.

Investors reacted negatively to the news, driving stock indexes down when trading began.

"Our poor performance was driven primarily by two factors -- significant write-downs and losses on our subprime direct exposures in fixed income markets, and a large increase in credit costs in our U.S. consumer loan portfolio," said Vakram Pandit, Citigroup chief executive.

The company tried several times to restructure after recent market churning forced it to re-evaluate assets and liquidity in 2007. It cut jobs in April, when it announced it would lay off of 17,000 workers, MarketWatch reported. Citi said it took charges in the quarter related to 4,200 job cuts, which it did not detail.

Citi said cut its dividend to retain capital and was getting a $12 billion infusion from private placement and a public offering of preferred shares, MarketWatch reported.