Citigroup profits fall 36%

Profit fell 36% to $2.92 billion, or $1.33 per share. Analysts had expected $1.31.

Revenue fell 1% to $19.44 billion. Analysts had expected $19.34 billion.

In the institutional client group, which includes investment banking and trading, revenue fell 9% to $10.44 billion.

Trading revenue fell 13%, fixed income trading fell 13% and equities fell 10%.

In investment banking, which includes fees for mergers and the sale of corporate equity and debt, revenue fell 24% to $612 million.

Its business, which helps banks and money move large companies around the world, continued to benefit from increased interest rates and liquidity, with revenue up 15% to $3.5 billion.

In the consumer banking and wealth management segment, revenue rose 6% to $6.4 billion.

The profitability metric City investors focus on most, return on firm common equity, fell to 6.4% from 11.2% a year ago..

Expenses rose 9% to $13.57 billion.

The results were dragged down by charges from Citigroup’s exiting consumer businesses around the world, including Mexico. Excluding those charges, Citigroup said it would have earned $1.37 per share.

Shares were flat in early trade.

See also  Baltimore bridge collapse: 6 dead

Leave a Reply

Your email address will not be published. Required fields are marked *