Citigroup Reports 13% Profit Drop Amid $1.2 Billion Loss
Citigroup's stock fell 4.95% as it hit a 20-day low amid broader market declines.
The company's profit dropped 13% in Q4 to $2.47 billion, primarily due to a $1.2 billion loss from the sale of its Russian business, highlighting challenges in international markets. Despite this, investment banking fees surged 35% year-over-year, reflecting a rebound in M&A activity. The bank's net interest income also rose by 14%, indicating some resilience in its operations.
This profit decline raises concerns about Citigroup's ability to navigate international challenges, but the strong performance in investment banking may provide some offset. The market's reaction to the profit drop and ongoing restructuring efforts could lead to further volatility in Citigroup's stock.
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