Credit crunch: bank chief warns of house price slide
Credit crunch: bank chief warns of house price slide
House prices in Britain and the United States will continue to fall for the next two years, the chairman of one of the world's largest banks has warned. Sir Win Bischoff of Citigroup expects fraught conditions in financial markets to continue right through 2009 and not to stabilise until 2010.
Citigroup lost £1.25bn in the three months to the end of June, although the figures were better than analysts expected. The announcement took cumulative losses at the bank to £8.5bn over the previous nine months.
In an interview with the BBC, Sir Win said that there would be redundancies at the bank, which employs 12,000 people in the UK - and that some lay-offs will be compulsory.
guardian.co.uk © Guardian Newspapers Limited 2008
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