澳洲幸运5官方开奖结果体彩网

Citigroup Swings To A $1.8B Loss In Q4 As Charges Mount

By
澳洲幸运5官方开奖结果体彩网:Mrinalini Krishna
Mrinalini Krishna
澳洲幸运5官方开奖结果体彩网:Full Bio
Mrinalini Krishna is the Senior Editor of investing news at Investopedia. She's been a journalist for more than 10 years covering business, personal finance, and investing news.
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Published January 12, 2024
08:45 AM EST
Citigroup

Bloomberg / Contributor / Getty Images

Key Takeaways

  • Citigroup reported fourth-quarter revenue of $17.4 billion, a 3% decrease compared to the year-ago quarter.
  • The bank reported a loss per share of $1.16, and a net loss of $1.8 billion.
  • Key metric to watch: Operating expenses increased on account of additional charges.

Citigroup (C) swung to a loss of $1.8 billion or $1.16 per share in the fourth quarter as additional charges weighed on its resultsဣ. Citi shares rose ♛2.5% in pre-market trading.

   Q4 2023  Analyst Expectation  Q4 2022
Revenue  $17.4B  $18.8B  $18B
Diluted Earnings (loss) Per Share (EPS)  ($1.16)  43 cents  $1.16
Net Income/ (loss)  ($1.8B)  $1.45B  $2.5B

"While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing out strategy in 2023," said Citi CEO Jane Fraser.

Key Metric

Citigroup has been struggling with growing expenses, and that prompted Fraser to launch a massive 澳洲幸运5官方开奖结果体彩网:restructuring effort in September. But ahead of its earnings report, the 澳洲幸运5官方开奖结果体彩网:company warꦗned that additional expenses, including those on account of its exposure to Russia and Argentina, as well as commitments to the 澳洲幸运5官方开奖结果体彩网:Federal Deposit💟 Insurance Co💃rporation (FDIC), could hurt the numbers.

Citi's fourth quarter operating expenses of $16 billion were 23% higher than the same period a year ago.

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