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NEW YORK (AP) - Citigroup Inc. earlier this week agreed to provide $500 million in credit to one of its troubled hedge funds, the bank disclosed in a regulatory filing late Friday.
The Citi-managed fund, known as Falcon, was brought onto the bank's books, which will increase the bank's assets and liabilities by about $10 billion. The fund focuses on fixed income.
Citigroup recorded a $10 billion loss in the fourth quarter, and has been working to sell shares of itself and other assets to raise cash.
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