Citigroup Inc.
NEW YORK — The nation’s biggest bank said Monday its third- quarter profit dropped 57 percent after it took a hit of more than $3 billion in mortgage-backed-security losses, leveraged-debt write-downs and fixed-income trading losses.
The bank also boosted loan-loss provisions by $2.24 billion – higher than it estimated a week ago – in anticipation of more deterioration in consumer credit.
Citigroup’s net income fell to $2.38 billion, or 47 cents per share, in the July-to-September period. That’s down from $5.51 billion, or $1.10 a share, in the same period a year earlier. Revenue in the quarter rose 6 percent to $22.66 billion from $21.42 billion a year earlier.
Mattel Corp.
EL SEGUNDO, CALIF. — The world’s biggest toymaker reported a 1 percent drop in fiscal third-quarter profit, due to the impact of charges, costs and supply-chain delays related to multiple product recalls.
The company said net income for the quarter ended Sept. 30 slipped to $236.8 million, or 61 cents per share, from $239 million, or 62 cents per share, in the year- ago period. Latest-quarter results included charges of about $40 million related to the company’s product recalls covering merchandise containing small magnets or tainted with lead paint.
Sales rose 3 percent to $1.84 billion from $1.79 billion a year ago, mainly helped by the weaker dollar.
Charles Schwab Corp.
SAN FRANCISCO — The discount brokerage’s third-quarter profit surpassed analyst expectations as it reaped a big gain from the sale of its wealth-management division and harvested more revenue from an expanding mix of customers.
Schwab said Monday it earned $1.53 billion, or $1.28 per share, during the three months ended in September, a more than fivefold increase from $266 million, or 21 cents per share, a year ago. Revenue for the period totaled $1.29 billion, a 21 percent improvement from the prior year.
