Banks Write Off Billions

18bn Write-off At Citigroup

Shares in London saw their worst one-day fall yesterday since the height of the credit crunch last August after the world's biggest bank, Citigroup, fanned recession fears by announcing the biggest loss in its 196-year history.

Merrill Lost $9.8 Billion
Merrill Lynch on Thursday reported a $9.8 billion loss for the fourth quarter, the largest quarterly loss in its 93-year-history, as troubles in the subprime mortgage market took another big bite out of its balance sheet.