Citi results weighed down by failed loans

[October 15, 2009]  CHARLOTTE, N.C. (AP) -- Citigroup has provided a sobering reminder that the economy is still struggling, saying its third quarter results were weighed down by billions of dollars in failed loans.

Citigroup has reported a $101 million in profit, before accounting for stock dividends and the debt exchange offer that give the government a 34 percent stake in the bank. Including those items, the bank reported a $3.24 billion loss.

The bank, one of the hardest hit during the credit crisis and recession, said loan losses and the amount of money it set aside for failed loans in the quarter remained high.

[Associated Press; By IEVA M. AUGSTUMS]

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