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| Version 1 | Version 2 |
|---|---|
| House prices 'will keep falling' | House prices 'will keep falling' |
| (10 minutes later) | |
| House prices in the UK and the US are likely to fall for another two years, the chairman of one of the world's most powerful banks has warned. | House prices in the UK and the US are likely to fall for another two years, the chairman of one of the world's most powerful banks has warned. |
| Sir Win Bischoff of Citigroup told BBC Business Editor Robert Peston he expects it will take two years for the markets to "stabilise". | Sir Win Bischoff of Citigroup told BBC Business Editor Robert Peston he expects it will take two years for the markets to "stabilise". |
| Sir Win also expected the credit crunch - fraught conditions in financial markets - to continue through 2009. | Sir Win also expected the credit crunch - fraught conditions in financial markets - to continue through 2009. |
| Citigroup lost $2.5bn (£1.25bn) in the three months to the end of June 2008. | Citigroup lost $2.5bn (£1.25bn) in the three months to the end of June 2008. |
| The figures were less than analysts had been expecting. | The figures were less than analysts had been expecting. |
| Nonetheless, the announcement took cumulative losses at the bank - until recently the world's largest - to $17bn (£8.5bn) over the previous nine months. | |
| Sir Win told the BBC that there would be redundancies at the bank, which employs 12,000 in the UK - some of them compulsory. | Sir Win told the BBC that there would be redundancies at the bank, which employs 12,000 in the UK - some of them compulsory. |
| FROM THE TODAY PROGRAMME More from Today programme Our correspondent said the remarks by Sir Win, who chairs one of the largest consumer banks in the world, carry weight. | FROM THE TODAY PROGRAMME More from Today programme Our correspondent said the remarks by Sir Win, who chairs one of the largest consumer banks in the world, carry weight. |
| Citigroup is shedding assets and cutting costs by shedding staff to cope with the new financial conditions. | Citigroup is shedding assets and cutting costs by shedding staff to cope with the new financial conditions. |
| The interview will be broadcast on the BBC News Channel at 2230 BST, in the first of a new series of interviews with business leaders, called Leading Questions. | The interview will be broadcast on the BBC News Channel at 2230 BST, in the first of a new series of interviews with business leaders, called Leading Questions. |