Citigroup, the largest U.S. bank by market value, said on Monday it expects to report a decline of about 60 percent in third-quarter net income, a result its chief executive called a clear disappointment.

CEO Charles Prince said in a statement the decline had been driven by weak performance in fixed-income credit market activities, write-downs in leveraged loan commitments, and increases in consumer credit costs.

(Reporting by Christian Plumb)

Citigroup New york city