Business News
Citigroup profits fall by 11 per cent in Q4 year-on-year
Jan 17, 2012, 13:53 GMT
New York - US banking giant Citigroup on Tuesday revealed a drop in fourth-quarter profits of 11 per cent year-on-year, to just under 1.2 billion dollars.
But thanks to a lucrative first half of the year, 2011 profits still climbed 6 per cent to reach 11.3 billion dollars.
'Overall, we made solid progress in 2011,' said Citigroup chief Vikram Pandit. 'Clearly, the macro environment has impacted the capital markets and we will continue to right-size our businesses to match the environment.'
The results disappointed analysts' expectations.
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