Citigroup profits decline 57 percent

Citigroup announced a 57 percent profit drop for its third quarter, setting the stage for other big banks who are set to announce their earnings this week.

Citigroup, the nation’s largest bank, cited losses from its mortgage division, CitiMortgage with bad loans, mortgage write-offs, and other credit losses.  Citi’s profits slipped to $2.38 billion, down from $5.51 billion during the same period a year ago.  Citigroup’s shares dropped 3.4% on Monday after the announcement.

Read more about Citigroup’s profit drop at the Orlando Sentinel.