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The tide of losses continue to swell at one of the world's biggest financial services firm. Citigroup announced a $5.1 billion money-losing first quarter,. The impact of the subprime debacle and a subsequent seizing up of the credit market forced the company to the company to take another $16 billion write-downs. The numbers were bigger-than-expected. And in total, Citigroup has been hit with more than $46 billion in write-downs and increased credit costs since the middle of last year. But some investors are holding out hope a turning point is near. The stock immediately rallied and stayed strong on hopes of smaller write-downs in the future. The ratings agencies, however, needed more convincing. Fitch cut its debt rating by one notch. Standard and Poor's and Moody's say they remain skeptical. Meantime, Citigroup is trying to win-over the skeptics by cutting the dividend and slashing 9,000 more jobs addition to the 4,200 announced last quarter -- as Citigroup tries to cut costs and stop losing money. Conway Gittens, Reuters.