Citi CFO issues new writedowns warning

Citi CFO issues new writedowns warning

Gary Crittenden reveals the US investment banking giant is battening down the hatches as more writedowns will be announced for the second quarter

The CFO of Citigroup has said that the company will suffer another round of
sub-prime writedowns.

In a conference call to investors Gary Crittenden forecasted more impairments
to the value of assets linked to subprime mortgages and loans that finance
leveraged buyouts,
Reuters
reported.

The write-downs, which totaled about $9bn (£4.6bn) in the first three months
of the year are not expected to be as large in the second quarter, Crittenden
added.

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