Citigroup to repay $20 billion in bailout money

Filed under: Citigroup

Citigroup (C) said Monday it is repaying $20 billion in bailout money it received from the Treasury Department, in an effort to reduce government influence over the banking giant.

The New York-based bank was among the hardest hit by the credit crisis and rising loan defaults. It has received one of the largest bailouts of any bank during the financial crisis. The government gave it $45 billion in loans and agreed to protect losses on nearly $300 billion in risky investments.

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Citigroup to repay $20 billion in bailout money originally appeared on DailyFinance on Mon, 14 Dec 2009 08:31:00 EST. Please see our terms for use of feeds.

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