Citigroup (NYSE:C) shares were feeling around for the bruises Friday after the banking behemoth posted a $1.8-billion fourth-quarter loss after booking several large charges tied to overseas risks, last year’s regional banking crisis and CEO Jane Fraser’s corporate overhaul.
All told, the charges — so massive the bank preannounced their impact this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup said. Excluding their impact, earnings would’ve been 84 cents a share, the bank said.
Earnings for the bank rang in at an adjusted 84 cents a share, which experts said may not compare with expected 81 cents
Revenue proved to be $17.44 billion, vs. expected $18.74 billion
Fraser called her company’s performance “very disappointing” because of the charges, but said Citigroup had made “substantial progress” simplifying the bank last year.
The CEO announced plans for a sweeping corporate reorganization in September after previous efforts failed to boost the bank’s results and share price. The bank said it would exit municipal bond and distressed debt trading operations as part of the streamlining exercise. Earlier this week, the company said it booked bigger charges in the quarter than previously disclosed by CFO Mark Mason.
Citigroup revenue slipped 3% to $17.4 billion in the quarter, though the bank said revenue rose 2% after excluding the impact of divestitures and charges tied to exposure to Argentina.
C jumped $1.04, or 2%, to $53.12.
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