Overhaul of CitiFinancial results in more overdue loans

08/24/2010 | Bloomberg

Citigroup's revamp of its North American consumer-finance division, CitiFinancial, caused an increase in overdue loans, a source said. The bank relocated 750,000 customer accounts and expected the delinquency rate to increase, but it did so more than expected. Citigroup CEO Vikram Pandit is working to restructure and rebrand the division to prepare it to be sold.

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