Citigroup Down 11 Percent in Fourth Quarter
Citigroup says its income fell 11 percent in the last three months of last year because of lower investment banking income, an accounting charge and a decline in the value of its assets.
The bank said Tuesday that it made $1.2 billion, or 38 cents per share, on revenue of $17.2 billion. The results fell short of the 54 cents per share estimated by analysts surveyed by FactSet, a provider of financial data.
A year earlier, in the fourth quarter of 2010, Citigroup made $1.3 billion on revenue of $18.4 billion.
Citi's stock is down 2.5 percent at $29.98 in pre-market trading.
Vikram Pandit, Citi's Chief Executive Officer, said, "Overall, we made solid progress in 2011. We increased our net income to $11.3 billion, up 6% from the previous year, and reached key benchmarks in our consumer businesses, showing our strategy is achieving results. Clearly, the macro environment has impacted the capital markets and we will continue to right-size our businesses to match the environment. With Citi Holdings assets at 12% after the transfer of retail partner cards to Citicorp, we are increasingly focused on driving earnings through our core franchise and beginning to return capital to our shareholders this year."