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Citi Cites Mortgage Woes in Weak 3rd Quarter.
NEW YORK -- Citigroup cited weak mortgage lending and higher-than-expected credit costs as factors in a 57% drop in its quarterly profit.
"This was a disappointing quarter, even in the context of the dislocations in the subprime mortgage and credit markets," CEO Charles Prince said in a statement.
He also said that Citi's fixed-income earnings, which include mortgage securities activities, were "well below expectations."
The company's third-quarter results included losses of $1.56 billion, pretax, on the value of subprime mortgage-backed securities that had been earmarked for future collateralized debt obligation issuance. That writedown also included some leveraged loans that had been warehoused for collateralized loan obligations.
Citi also reported losing $636 million pretax in fixed-income credit trading "due to significant market volatility and the disruption of historical pricing relationships."
Credit costs were also a factor in Citi's weak performance. Citi said that "increased delinquencies on mortgages and unsecured personal loans" added to a $278 million increase in net credit losses ...
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Source: HighBeam Research, Citi Cites Mortgage Woes in Weak 3rd Quarter.