Citigroup says it has reached a deal that will give the US government up to a 40 per cent stake in the struggling bank.

The company also says it recorded a goodwill impairment charge of about $9.6 billion due to deterioration in the financial markets.

One of the hardest hit banks by the ongoing credit crisis, Citi has already received $45 billion in cash from the government and guarantees protecting it from the bulk of losses on $300 billion of risky investments.

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