Citicorp Posts $2.58-Billion Loss

Citicorp reported a $2.58-billion second-quarter loss today, the second-largest ever for a U.S. corporation and one of several major losses posted today by major U.S. banking concerns.

Also reporting losses were New York’s Manufacturers Hanover Corp. and Bankers Trust New York Corp., and San Francisco-based Wells Fargo & Co. The reports deepened the tide of red ink suffered by the nation’s major banks after their decisions earlier this year to move billions of dollars from earnings into reserves for covering shaky loans to developing nations.