The most common and most likely answer to this crossword clue is the 8 letter word COLOSSUS
I've seen this crossword clue in Financial Times
C
O
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O
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More clues leading to the result COLOSSUS
- Giant deficit breaks firm associated with America
- Giant company supported by America admits defeat
- Wonder, perhaps, if business deficit American
- Officer overcoming deficit, American giant
- Company with deficit states large figure
- It’s big for Cuba to have succeeded after withdrawal of American bid
- It’s no small wonder!
- Giant deficit in semolina halved
- Pass very large southern American figure of epic size
- Deficit admitted by company, American giant
Buddy explains!

The straight part
We know that "giant" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case giant = colossus.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does COLOSSUS mean?
COLOSSUS noun- A statue of gigantic size. The name was especially applied to certain famous statues in antiquity, as the Colossus of Nero in Rome and the Colossus of Rhodes, one of the Seven Wonders of the Ancient World.
- Any creature or thing of gigantic size.
- Somebody or something very greatly admired and respected.