Banks suffer from slowdown and September 11 effects

WORLD TRADE CENTER AFTERMATH

NEW YORK -- Major banks reported lower third-quarter earnings, cuts in information technology spending and staff lay-offs following the September 11 attacks on New York and Washington. Analysts said the events accentuated an existing economic slowdown.

Citigroup, the world’s largest financial services firm, said in mid-October its core third quarter income was down 7% to $3.26 billion, or $0.63 a share, compared with the same 2000 period. The results included $502 million in after-tax losses

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