Late last week Citibank warned the markets that more big writedowns were expected in quarter 2. They are also looking at more credit losses in the face of what they called unprecedented conditions in the market.
Following the announcement shares on the NYSE fell by over 4 percent, recovering by the end of trading though still down 1 percent. The markets have already seen disappointing results from other major financial players, leading many to feel that the credit crunch is going to hurt companies for some time to come. Citibank made a lot of their money in the sub-prime lending market so have been hit hard by the meltdown in this area.
As well as the mortgage difficulties they experienced Citibank are now seeing the credit crunch hitting their credit card arm too, with business really slowing down as consumers feel the need to rein in their spending.
A new study carried out by Saga Insurance has found that those over 50 years of age do not like to discuss money unless they really have to, unlike younger people who are much more at ease with it.
However there are some things that no-one is particularly comfortable discussing, no matter what their age. The Saga Insurance study revealed that discussions regarding earnings and salary figures are disliked by all categories, with respondents saying they would try and get out of such a discussion if they could.
On the subject of discussing finances generally, around half of those involved in the study told Saga Insurance that it was not an appropriate subject to discuss, whilst almost ten percent of people said they would be embarrassed to discuss their personal finance situation with anyone.
,p>The Alliance and Leicester current account offer that has a credit interest rate of 8.5 percent gross is being extended until the end of September according to a recent announcement.
The move has been made to encourage more consumers to save regularly, the high interest rate being a real eye catcher designed to highlight the benefits of saving. The accounts that are included in this Alliance and Leicester promotion are the Premier 50 and Premier Direct current accounts.
Younger savers also have an extension on their own promotion. The Alliance and Leicester Premier 21 account is a current account specifically for those aged between 16 and 21 which is offering a 10 percent interest rate during the promotional period.