Several Wall Street banks are expected to post further write-downs related to the credit crisis this week as first-quarter results are released.
Citigroup is set to admit a further $11 billion (£5.6 billion) write-down when the bank posts its first-quarter figures on Friday, the Sunday Times reported.
The newspaper quoted Oppenheimer analyst Meredith Whitney, who said she expected Citigroup to record further write-downs, in addition to $18 billion (£9.12 billion) the bank wrote off in the third and fourth quarters.
If Ms Whitney is right and she was the first to forecast correctly that Citigroup would need to cut its dividend to prop up its finances - Citigroup would record an overall group loss of nearly $7 billion (£3.54 billion) in the first quarter.
Citigroup will not be alone in reporting ongoing losses related to the credit crunch. The Times also said Merrill Lynch is predicted to take a $4.5 billion (£2.28 billion) write-down for the first quarter.
Merrill Lynch, which has reported $24 billion (£12.16 billion) of write-downs so far, reports its first-quarter results on Thursday.
Meanwhile, JP Morgan Chase is expected to report a small profit on Wednesday, although it will still most likely post write-downs of $2.8 billion (£1.42 billion).
The International Monetary Fund has already said the credit crisis has cost $1 trillion (£503 billion) and Federal Reserve boss Ben Bernanke has warned there is more to come.