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Flash: Citigroup (C) warns of huge Q3 profit drop

Posted Oct 1st 2007 7:29AM by Douglas McIntyreDouglas McIntyre RSS Feed
Filed under: Citigroup Inc. (C)


According to MarketWatch, Citigroup (NYSE: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.

Tags: c, citigroup, inthenews

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