Citigroup Results Disappointing

Published by: Mike Goldman on 18th Jan 2011 | View all blogs by Mike Goldman
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Citigroup Results Disappointing

Citigroup reported on Tuesday its fourth-quarter profit was well below expectations, casting doubt over the company's CEO that the bak had “turned the corner.”  The poor results have left the bak's executives facing tough questions about what had gone so wrong at the bank, which required a massive taxpayer bailout to survive the recent financial crisis.

The nation's third-largest bank, Citigroup's fourth-quarter fixed-income revenue fell 58 percent from the previous quarter.  Compared with JPMorgan, who had reported just a 7.9 percent drop in fixed-income revenue, the report was devastating.

Shares of Citigroup, which had been climbing steadily over the last year as the US cut its stake, fell 5.5 percent in early afternoon trading.

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