Citigroup’s $13bn writedown raises fears of a crisis beyond Wall Street

America’s leading banks continued to announce hefty losses yesterday as Citigroup reported a further writedown of more than $13 billion (£7.5 billion) for the third quarter and Merrill Lynch took another $9.5 billion hit.The latest writedowns brought Citigroup’s total hit from the credit crunch to about $60 billion and left it with an overall group [...] continue reading world news