Citigroup swung to a huge loss in the first quarter, hurt in part by poor performance and write-downs at its alternative investments business.

The losses at Citi Alternative Investments were a relative drop in the $5.1 billion bucket of red ink: the group recorded “negative revenue” of $358 million “on sharply lower proprietary revenues” and $212 million in mark-to-market losses on SIV assets.

Particularly embarrassing for new CEO Vikram Pandit—whose firm has now taken some $39 billion in write offs—Old Lane Partners, the hedge fund he founded that was acquired by Citi last year, was forced to write off $202 million in intangible assets related to its multi-strategy fund.

“Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions,” Pandit said.

All told, Citi took $16.9 billion in write-downs and loan-related losses in the first quarter, as revenue plummeted 48% to $13.2 billion. The fund’s $5.1 billion loss on the quarter is a mirror image from its first-quarter 2007 performance, when it posted a $5 billion profit.

Citi also said it would cut a further 9,000 jobs, about 3% of its total workforce, on top of 4,200 layoffs announced in January.