Citigroup Inc reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.
reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.
On an adjusted basis, Citi earned $1.10 per share for the fourth quarter ended Dec. 31, below estimates of $1.14 a share, according to Refinitiv. Still, the U.S. central bank's aggressive stance, coupled with the war in Ukraine and growing economic uncertainties, roiled financial markets and slowed dealmaking activity last year. This saw Citi's investment banking revenue plunge 58%.
Under Fraser, the bank exited some overseas markets to boost its stock valuation and profitability versus peers, while improving its risk controls as required by regulators.
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