Nevertheless, "we give them good marks for proactively reducing their inventory beginning last April, " says analyst Sean Jones at Moody's Investors Service.

WSJ: Missing the Bullet

"Because of Citigroup's complexity, its significant exposure to the global capital markets, and current illiquidity and volatility of some of those markets, additional marks in its investment bank cannot be ruled out, " said Senior Vice President Sean Jones of Moody's.

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