From the Associated Press:

Citigroup Inc. lost $5.1 billion during the first quarter and will eliminate about 9,000 more jobs, as poor bets on mortgages and leveraged loans lopped billions of dollars from its investment portfolio.

Write-downs related to mortgages and turmoil in the credit markets reached about $12 billion, and costs stemming from consumers' credit problems surpassed $3 billion, the bank said Friday. And in a conference call with analysts, Citigroup chief financial officer Gary Crittenden said the bank, seeking to cut costs, is eliminating about 9,000 additional jobs.

That means Citigroup has announced 13,200 job cuts in all, following an announcement in January that the bank was cutting 4,200 jobs. And more work-force reductions may be on the way.

The WSJ liveblogged the conference call this morning. Some highlights:

Jason Goldberg of Lehman Brothers wants to know about the head count reductions. “I think it’s unlikely that you will hear some very large significant number that we’re going to announce, but I think it’s highly likely that you will continue to hear that we’re very focused on improving our cost competitiveness, and as a result are consistently working away from a productivity perspective,” Mr. Crittenden says, a pretty meaningless statement when one thinks it over. He notes that about 7,000 of the 9,000 eliminated comes from the consumer business. Mr. Goldberg wants to know about total headcount reductions — including attrition and job losses. Mr. Crittenden estimates it in the 16,000 range....

Ms. Whitney also wants to know about “earnings visibility” for the rest of the year, noting that the firm is going to have “persistent restructuring charges and sort of more moving parts than less moving parts.” She wants to know when “you think you’re going to turn the corner.” Mr. Crittenden first notes that if reduced values on certain assets were removed, “revenues would have been roughly flat.” He notes that the environment is rough — increases in credit-card losses, poor housing fundamentals and rising unemployment. “We are in unprecedented territory from a real-estate standpoint,” he says.

Mr. Crittenden continues. “We could, in fact, be facing head winds…There’s no assurance that the amount of marks that we have taken in this quarter are finished. We’re three quarters into this. I think we have substantially reduced our amount of risk but there’s also the prospect that you could have additional marks, and that throws the calculation of that number pretty much out the window. What I would say is that I think you should hold us accountable for a couple things that we make significant progress on headcount and that we make significant progress that is discernible in our numbers on expenses.”