Citi bank, took a major blow duing financial credit crunch after showing huge losses, cost cutting methods and selling bad assets for billions. Citi Bank showed massive $2.5 billion in losses. Newly appointed ceo of Citi Bank, "Vikram Pandit" added that they are working on writing off  some bad assets worth billions of dollars, laying off thousand of employees and other methods which will reduce the cost burdan on the bank.

Citi Group registered  $US4.5 billion in loan defaults in the second quarter, while also setting aside $US2.5billion to beef up its reserves for future losses. Ominously, bankers are shifting more of their
concern from sub-prime borrowers with blemished credit to solid customers, who, as a group, are increasingly falling behind or defaulting on their loan payments.

Citi bank has been very strict in terms of secured loans or unsecured loans borrowed by the customers. I took secured loans from citi bank way back in 2004 and the process was pretty easy in getting these loans, but when we look at todays market, its very difficult to obtain even secured loans forget about the unsecured one's which were tough to acquire.

Many  people are confused with the term secured loans especially in pur country. Please visit above website for more information on Secured and ultimately you"ll know what in unsecured.