Banking and Financial Services

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Citi Writes Down $18 Billion; Merrill Gets Infusion

New York Times - 1 hour 4 minutes ago

Two of the nation’s biggest financial firms announced Tuesday that they had lined up outside investments to shore up their ravaged balance sheets. Citigroup ’s disclosure of a $12.5 billion investment came as the banking giant reported its long-awaited fourth-quarter results, which included an $18.1 billion write-down on its subprime mortgage-related exposures.

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