NEW YORK (Reuters) – Citigroup took a $110 million writedown on leveraged loans in the third quarter, its chief financial Mark Mason said on Friday.
“We took about $110 million in total between markdowns and losses on loans in the leverage space,” Mason told reporters after earnings were released.
U.S. banks wrote down $1 billion on leveraged and bridge loans in the second-quarter as rising interest rates made it tougher for them to offload high-risk debt onto investors and other lenders.
(Reporting by Saeed Azhar and Yasmin Mehnaz)
