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Citigroup Drops as Earnings Miss Estimates on Trading

Citigroup Inc. led bank stocks lower after a slump in bond trading contributed to fourth-quarter results that missed Wall Street estimates.

While net income more than doubled to $2.69 billion from $1.2 billion, adjusted profit of 82 cents a share was close to the most pessimistic predictions, and Citigroup fell 4.4 percent to $52.60. It was the stock’s biggest drop since November 2012 and the day’s worst showing in the 24-company KBW Bank Index, which slid almost 1 percent.