New York, New York-based CitiGroup blames deterioration in the consumer credit market and “dislocations in the mortgage-backed securities and credit markets” for an expected 60-percent decline in net income for the third quarter. The company says the revenue reductions come in several forms: Write-downs on underwriting fees, losses on the value of subprime mortgage-backed securities, losses of pre-tax fixed income, and an increase in credit costs. “Our expected third quarter results are a clear disappointment,” said Charles Prince, chairman and chief executive officer of CitiGroup. “The decline in income was driven primarily by weak performance in fixed income credit market activities, write-downs in leveraged loan commitments, and increases in consumer credit costs.” Click here to read the full press release.