Citibank 2008 Annual Report Download - page 14
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 |
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Credit Costs
We believe that credit costs are expected to increase during 2009.
• As we go into the first half of 2009, we expect NCLs for our consumer
portfolios could be $1 billion to $2 billion higher each quarter when
compared to the NCLs in the third quarter of 2008. At this time we believe
that we will be at the higher end of this range.
• Our assumption on unemployment is that it could peak as late as the first
half of 2010. This implies that we will most likely continue to add to our
Consumer reserves until the end of 2009.
• Corporate credit is inherently difficult to predict given the economic
environment. It is expected that corporate loan default rates will increase.
As such, we expect to continue to add to reserves and will likely see higher
Corporate NCLs.
A detailed review and outlook for each of our business segments, as of
December 31, 2008, are included in the discussions that follow, and the risks
are more fully discussed on pages 29 to 38.
8