December 14, 2007

Citigroup’s financial migraine worsens with asset shift (AFP)

A sign on the Citigroup office tower in New York. The world's biggest bank Citigroup is taking on board 49 billion dollars' (34 billion euros) worth of hugely devalued subprime loans to reassure markets amid a credit downgrading on concern about its capital base.(AFP/File/Don Emmert)AFP – Citigroup’s move to shift troubled assets on to its balance sheet marks a radical step to right its finances, but analysts said Friday that the banking giant’s financial migraine had worsened.

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