Citi and Merrill Report Heavy Losses

Citigroup has announced a loss of $2.8bn, or 60 cents per share, for the third quarter.

Merrill Lynch, which is set to be acquired by Bank of America in February, posted a wider third-quarter loss amid another $9.5 billion in write-downs of troubled assets. Merrill reported a net loss of $5.15 billion, or $5.58 a share, compared with a net loss of $2.24 billion, or $2.82 a share, a year earlier.