Citigroup has suffered worse losses from the recent credit crisis than predicted. Chief executive Charles Prince admitted the poor performance was "frankly surprising".
The bank experienced a total writedown of $3.55 billion on its fixed-income and credit businesses in the third quarter of the year. "The losses in fixed income were within the range of predicted outcomes, but at the far end of the range," said Prince.
The $2.8 billion writedown in the credit sector, however, was "greater than would