Citigroup Shares Drop After Earnings Unexpectedly Decline
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Citigroup Inc., the third-biggest U.S. bank by assets, dropped 8.2 percent in New York trading after the bank reported an unexpected fall in fourth-quarter earnings on a slump in trading revenue.
The shares fell $2.53 to $28.22 at 4:15 p.m. in New York, the biggest decline on the 24-company KBW Bank Index. Fourth-quarter net income dropped 11 percent, missing analysts’ estimates for an increase, to $1.17 billion, or 38 cents a share, from $1.31 billion, or 43 cents, a year earlier, the New York-based company said today in a statement.