Personal Finance
House prices could fall for two years
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Posted 19 July 2008 @ 10:07 am GMT
Citigroup chairman Win Bischoff has warned that house prices in Britain and the United States are likely to keep falling for another two years.
REUTERS/Russell Boyce
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M&B to replace chairman in MayThe chairman of one of the world's most powerful banks told the BBC in an interview that he expects it will take two years for the markets to stabilise.
He also said he expected the credit crunch could continue through until 2009.
Bischoff told the BBC that there would be redundancies at the bank, which employs 12,000 people in Britain, and warned that some of them would be compulsory.
No further details were released of the interview which is due to be broadcast later on Saturday on the BBC News Channel (Reporting by Paul Majendie, Editing by Jon Boyle)
Copyright 2008 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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