Higher costs, weak revenue cloud Citi’s quarterly profit beat
January 15, 2021
By Ambar Warrick and Imani Moise
(Reuters) – Citigroup Inc reported fourth-quarter profit that beat market expectations on Friday, but that failed to impress Wall Street as higher costs and a fall in revenue across its consumer business weighed on the results.
Like fellow U.S. bank JPMorgan Chase & Co, the results benefited from the release of $1.5 billion from its more than $10 billion reserves kept aside to cover coronavirus-driven bad loans.
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