TL;DR CNBC

Citigroup's fourth-quarter profit declines by 21% as bank sets aside more money for credit losses

Publishing timestamp: 2023-01-13 13:18:35

Summary

Citigroup's fourth quarter net income decreased by 21% from the year before, but shares rose 1.7% due to record fourth quarter fixed income trading revenue. Other banks such as JPMorgan, Bank of America, and Wells Fargo also reported earnings, with JPMorgan topping analyst estimates and Bank of America beating Wall Street's expectations. Wells Fargo's profits fell due to a recent settlement and increased reserves.

Sentiment: MIXED

Tickers: WFC,  C, 

Keywords: economic events,  wells fargo & co,  banks,  jpmorgan chase & co,  earnings,  earnings announcements,  citigroup inc,  business news,  financials,  breaking news: markets, 

Source: https://www.cnbc.com/2023/01/13/citigroup-shares-decline-after-bank-reports-21percent-decline-in-fourth-quarter-profit.html