$2.8 Billion Loss at Citigroup on More Write-Downs

Citigroup reported a $2.8 billion loss in the third quarter, the fourth consecutive period that the global banking giant has been swamped by write-downs on investments and steeper losses on consumer loans.

The bank took more than $13.2 billion in charges in the third quarter, bringing the total amount of write-offs and credit losses since the credit crisis began last year to more than $64 billion.

Read Full Article from New York Times

- Posted: 2008-10-16 15:53:23

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