Citigroup Misses Lowered Earnings Bar As CEO Corbat Faces Capital Test — forbes.com

Citigroup Citigroup reported fourth quarter earnings that fell short of expectations after the bank lowered its guidance a month ago, as revenue declined 9% from the third quarter and rising legal and restructuring expense weighed on profits. The nation’s third largest bank by assets reported 6-cents in earnings per share (EPS) on revenue of $17.8 billion, missing analyst estimates of a 9-cent profit on $18.5 billion in revenue. Citigroup shares were falling over 1% in pre-market trading at $48.55. Results reflected a 14% drop in revenue at Citigroup’s investment bank versus the third quarter and slightly declining sales at its consumer bank.

Read More