Citigroup expects U. S. consumer net credit losses to increase modestly in the first quarter of the current fiscal comparing to the fourth quarter levels. The company provided this expectation while filling its Form 10-K for fiscal 2009 late Friday. The company said that the estimated increase is attributable to expected seasonal patterns. Citigroup also said that for the second half, net credit losses will still depend on the macroeconomic environment and its own loss-mitigation efforts.

The net credit loss was reported declined in the fourth quarter of FY 20090. In the fourth quarter of FY 2009, the net credit losses were reported $7.1 billion, decreasing by 10% while comparing to the third quarter figures of $7.9 billion. The company had also seen a sequential decline in net credit losses from the second quarter to the third.

"Citigroup is maintaining a cautious stance in light of this uncertain market environment and continued macroeconomic headwinds," the company said in the document.

While in another announcement, Citigroup Inc. said that Mr. Vikram Pandit, Chief Executive of company, received compensation of $128,751 last year. The bank said in its proxy filing that Mr. Pandit voluntarily cut his own salary to $1 in February last year, and received no cash or stock bonus for the second consecutive year. In 2008, Pandit's compensation package was valued at $38.2 million.