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Bank firm profits hit

US banking giant Citigroup said quarterly profit plunged following a $4.7bn (€3.61bn) writedown of its stake in a brokerage operated by Morgan Stanley.

Citigroup also reported an increase in mortgage lending in North America and capital markets results rebounded.

The New York-based global bank said that its third-quarter net income was $468m, or 15 cents a share, compared with $3.77bn, or $1.23 a share, a year earlier.

Adjusted earnings, excluding the previously announced writedown and an accounting charge for the change in the value of its overall debt, was $3.27bn compared with $2.57bn a year earlier.