Citigroup (C) Sees Large Q3 Earnings Fall

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According to MarketWatch, Citigroup (C) expects to report that third-quarter earnings will drop about 60% from a year earlier due to "dislocations in the mortgage-backed-securities and credit markets, and deterioration in the consumer-credit environment." The decline "was driven primarily by weak performance in fixed-income credit-market activities, write-downs in leveraged loan commitments, and increases in consumer-credit costs," Chairman and Chief Executive Charles Prince said in a statement.

Douglas A. McIntyre