Citigroup’s quarterly earnings fall on reserves, slowdown in deals

Jan 13 (Reuters) – Citigroup Inc reported a drop in fourth-quarter earnings on Friday as the bank increased its reserves in case the economy deteriorates. In addition, the lender’s revenue from investment banking declined due to a sharp drop in transaction rates.

Net income for the quarter ended Dec. 31 was $2.5 billion, or $1.16 per share, compared with $3.2 billion, or $1.46 per share, a year earlier.

The bank increased reserves by $640 million due to recession expectations.

The original message in English is available at the code: (Reporting by Mehnaz Yasmin in Bengaluru and Lanan Nguyen in New York)

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