Citigroup Inc. said losses in its consumer loan portfolio could rise $1 billion to $2 billion each quarter from now through the first half of next year, according to chief executive Vikram Pandit's speech notes from his company's town hall meeting Monday.

John McDonald, an analyst at AllianceBernstein Holding LP's Bernstein Research, alerted his clients to the disclosure Tuesday and wrote in a report that the notes, released on Citi's Web site, reveal "buried" details about its expectation that consumer credit losses will be substantially higher.

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