Citi Shares Slump After Revenue Growth Stalls in Consumer Unit
- Accelerated expansion had been expected in retail division
- Fixed-income unit posts surprise increase in quarterly revenue
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An unexpected bounce in bond trading wasn’t enough to counter a lack of growth in Citigroup Inc.’s sprawling consumer division.
Shares declined after revenue was little changed in the firm’s global consumer bank, an area where shareholders have been told to watch for acceleration this year. The number of open accounts in Citigroup’s U.S. retail banking division hasn’t increased in the past year, while average deposits for the unit climbed only 1 percent.