Citi Posts Biggest Quarterly Profit of Pandemic
- Revenue from fixed-income and equities trading beats estimates
- Loan provisions return to normal after surging in first half
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Citigroup Inc. shares declined after the bank reported a jump in costs and warned it now expects a slower economic recovery.
A regulatory penalty helped drive operating expenses to their highest level in more than three years, and Chief Executive Office Mike Corbat said addressing the regulatory concerns won’t be “quick or easy.” And the bank is now forecasting higher unemployment and a smaller recovery in gross domestic product for 2021 than it did three months ago.