Three top Wall Street banks have withdrawn from a plan backed by the American government to set up a fund to bail out ailing sub-prime investments. Sunday Times

Citi, Bank of America and JP Morgan Chase have pulled out of the so-called 'Super Siv', which was to have raised $70bn (£35bn) to invest in structured investment funds caught up in the sub-prime crisis. Bankers said their withdrawal was caused by problems in raising money.