This excerpt taken from the C 8-K filed Jul 17, 2009.
Local Consumer Lending
· Local Consumer Lending (LCL) revenues were $3.9 billion, down 37% from the prior year period, due to lower loan volumes, higher net credit losses flowing through the securitization trusts in North America, and special FDIC assessment.
· Expenses were $2.5 billion, down 17% compared to the second quarter of 2008, primarily driven by the impact of re-engineering efforts resulting in lower headcount as well as reduced advertising and marketing.
· Credit costs were $8.0 billion, up 65% from the prior year period, driven by higher net credit losses and increased loan loss reserve build for residential mortgage loans, as well as higher losses across remaining product categories.
· End of period assets were $392 billion, down 16% from the prior year period, primarily driven by lower loans due to run-off and the impact of credit-tightening.
· Net loss was $4.2 billion, versus a loss of $1.2 billion in the second quarter of 2008, driven by lower revenues and higher credit costs.