Word: ldcs
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Dates: during 1990-1999
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...securities industry. When the overcrowded market proved to be a disappointment, Citi dissolved its London equities business, losing $65 million; 140 people lost their jobs. Citicorp was also the leader in Third World lending. Today the bank has some $8.4 billion in outstanding loans to less developed countries, or LDCs. Since 1987 Citi has been forced to write off or set aside reserves of $4 billion to cover bad LDC loans. Last year its net earnings plunged by 73%, to $498 million, partly because Brazil failed to make a $250 million interest payment...