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Updated Saturday, October 18, 2008 12:00 am TWN, Reuters

Citi posts another loss, still wants to buy a bank

NEW YORK -- Housing and credit market turmoil drove Citigroup Inc to its fourth straight quarterly loss and US$13 billion of write-downs and credit losses, but the giant U.S. bank still wants to acquire deposits after its bid to acquire much of Wachovia Corp failed. Citigroup, until this quarter the nation’s largest by assets, is in a difficult spot because it is experiencing rising losses from traditional lending operations, such as U.S. credit cards, even as losses continue from repackaged mortgage debt and other securities on its balance sheet.

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