Citigroup Reports a $1.8Bn Q4 2023 Loss on Multiple Charges

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2023/02/Citi-250×151.png" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/02/Citi-250×151.png 250w, https://www.leaprate.com/wp-content/uploads/2023/02/Citi-700×422.png 700w, https://www.leaprate.com/wp-content/uploads/2023/02/Citi-768×463.png 768w, https://www.leaprate.com/wp-content/uploads/2023/02/Citi-120×72.png 120w, https://www.leaprate.com/wp-content/uploads/2023/02/Citi-245×148.png 245w, https://www.leaprate.com/wp-content/uploads/2023/02/Citi-500×301.png 500w, https://www.leaprate.com/wp-content/uploads/2023/02/Citi.png 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>Fraser has initiated a multi-year plan aimed at reducing administrative complexity, enhancing profitability, and improving the performance of the company’s stock, which has historically underperformed compared to its counterparts.</p>
<p>For the quarter ending December 31, Citigroup reported a loss of $1.16 per share. This result was negatively impacted by $3.8 billion in charges and reserves, as revealed in a recent filing by the company.</p>
<p>Additionally, the loss was exacerbated by Citigroup’s decision to allocate funds to mitigate currency-related risks in Russia and Argentina. The bank witnessed a decline in quarterly revenue, which fell to $17.4 billion from the previous year.</p>
<p>This quarter marked Citigroup’s first attempt at separately reporting the earnings of its five distinct business sectors — services, markets, banking, U.S. personal banking, and wealth management. Previously, these sectors were grouped under larger divisions.</p>
<hr />
<p><a href="https://finaffiliates.us20.list-manage.com/subscribe/post?u=e0dd4d77c259eb270712a4eeb&amp;id=fd200b8f75&amp;v_id=4291&amp;f_id=00946ce6f0" target="_blank" rel="noopener">Don’t miss out the latest news, subscribe to LeapRate’s newsletter</a></p>
<hr />
<p>The markets segment, encompassing the trading division, experienced a 19% decrease in revenue to $3.4 billion, with a notable 25% drop in fixed-income revenue, partly due to losses in Argentina. Conversely, the banking segment saw a 22% increase in revenue to $949 million, buoyed by higher investment banking fees, which helped offset a decline in corporate lending.</p>
<p>In the U.S. personal banking sector, revenue rose by 12% to $4.9 billion, supported by retail banking and credit card services. The services sector’s revenue increased by 6% to $4.5 billion, while wealth management revenue declined by 3% to $1.7 billion.</p>
<p>For 2023, Citigroup’s revenue escalated to $78.5 billion, yet its net income dropped to $9.2 billion compared to the previous year. Chief Financial Officer Mark Mason stated last month that Citigroup is on track to finalising its restructuring by the first quarter of 2024, aiming to reduce annual operating expenses to $51 billion and $53 billion, respectively.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/live-market-news/citigroup-reports-a-1-8bn-q4-2023-loss-on-multiple-charges/">Citigroup Reports a $1.8Bn Q4 2023 Loss on Multiple Charges</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>