Citigroup stock plunges on news of mortgage default increase
Citigroup, the largest U.S. bank, posted its steepest loss in almost seven weeks after Chief Financial Officer Gary Crittenden said late payments on home loans may worsen in the fourth quarter. Citigroup Inc. said defaults will plague the financial industry for the rest of the year.
Financial companies including banks and brokerages, which comprise 20 percent of the S&P 500's value, may report a 14.4 percent drop in third-quarter results, the biggest decline since 2001 and the largest decrease among 10 industry groups, according to Bloomberg data.
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