Citigroup (C) Lower After CFO Said Write-Downs Will Continue To Mount

Shares of Citigroup (NYSE: C) are seeing pressure mid-day (-3.5%) following comments from the CFO, Gary Crittenden, at a Deutsche Bank conference today that additional write-downs will be substantial.

Crittenden said Q2 write-downs won't be as large as the $6 billion recorded in Q1, but will still be large.

Crittenden also sees a similar write-down to the $1.5 billion recorded in Q1 related to exposure to monoline insurers like Ambac (NYSE: ABK), which were stripped of their AAA ratings.

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