Citi Announces Impacts from Mortgage, Consumer Credit
Citigroup this morning announced that its third quarter financial results would be impacted by "dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment". With respect to its global consumer business, Citi said it estimates "an increase in credit costs of approximately $2.6 billion pre-tax versus the prior-year quarter due to continued deterioration in the credit environment, organic portfolio growth, and acquisitions."
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