Charges related to payback of the U.S. taxpayer bailout, coupled with writedowns of the value of some of the businesses it is selling, put the firm in the red. Excluding one-time items, the company lost $200 million.

"We continue to focus on maintaining financial strength and underwriting discipline, improving efficiency and transparency, and better balancing risk and return," CEO Robert Benmosche said.

The company recently announced that it's making headway in its ongoing struggle to part ways with the U.S. government, although not everyone is convinced that the breakup can happen without a little more heartbreak.

mtaylor [at] observer.com | @mbrookstaylor