New York, NY (BBN)-Citigroup on Thursday reported third quarter revenues of $16.7 billion, a press statement said.

However Citi reported a net loss for the 2008 third quarter of $2.8 billion, based on 5,342 million shares outstanding. Results included $4.4 billion in net pre-tax write-downs in securities and banking, $4.9 billion in net credit losses, and a $3.9 billion net charge to increase loan loss reserves, according to the statement.

“I am very proud of my Citi colleagues for staying focused on our priorities and for their relentless commitment to serving our clients during these turbulent times. While our third quarter results reflect both a difficult environment as well as continued write-downs on our legacy assets, we are making excellent progress on the parts of our business we control, including expense reduction, headcount, and balance sheet and capital management,” Chief Executive Officer of Citi Vikram Pandit said. “We expect these improvements will enable us to realize the full earnings power of our franchise as the economy stabilizes.”