Citigroup Earnings Miss Analysts’ Estimates on Litigation
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Citigroup Inc. fell the most in more than two months in New York trading after posting profit that missed analysts’ estimates on higher legal costs and a decline in benefits from releasing loan-loss reserves.
Citigroup dropped 2.9 percent to $41.24 at 4 p.m., the second-worst performance on the 24-company KBW Bank Index after Bank of America Corp. Net income climbed 25 percent to $1.2 billion in the fourth quarter from $956 million a year earlier, the New York-based lender said today in a statement.