ADVERTISEMENT

News Summary: Citigroup 4Q earns miss expectations

  • Article by: The Associated Press
  • Associated Press
  • January 17, 2013 - 10:28 AM

UP, BUT WEAK: Citigroup's fourth quarter earnings rose in the fourth quarter, but fell short of Wall Street's expectations. Citi earned $1.16 billion after paying preferred dividends, or 38 cents per share, in the three months ended Dec. 31. That compares with $933 million, or 31 cents per share, in the same period a year earlier.

LEGAL BILLS: Part of the reason for Citi's weakness was an increase in legal and related expenses, which reached $1.3 billion in the quarter. Much of that was due to a settlement with federal regulators announced last week in connection with Citigroup's foreclosure practices.

NEW LEADERSHIP: It was Citigroup's first quarter under the leadership of CEO Michael Corbat, who took the helm after Vikram Pandit resigned abruptly in October.

© 2014 Star Tribune