Citigroup Q4 Profit Declines On Lower Revenues, Higher Expenses

Citigroup Inc. (C) reported that its fourth quarter net income declined 7% from the prior-year period, driven by the lower revenues, an increase in expenses, and a higher effective tax rate, partially offset by the lower cost of credit. Revenues decreased 10%, primarily reflecting lower revenues in Global Consumer Banking, Institutional Clients Group, and Corporate/Other.

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