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Monday, November 3, 2008

Citigroup loses $1.4 Billion in Credit Cards




Nov 3 2008 Best-Mortgage-Companies.com

Citigroup declared it lost $1.4 billion in the third quarter from credit card backed securities. The company said it expects losses to rise next year.

Citi also said it added $3.9 billion to overall credit reserves, including $2.3 billion for its North American consumer business and $855 million non-US business.

Citi said the additional reserve to the North American section was mostly due to the weakening of the credit markets, including higher delinquencies on first mortgages, unsecured personal loans, credit cards and auto loans.

The credit card industry is in turmoil. American Express, a credit card giant, announced last week plans to slash 7,000 jobs.

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