Economy

Demeter

(85,373 posts)

11. Citi leaves bad taste after a satisfying meal

Fri Jan 17, 2014, 06:54 AM

Jan 2014

http://www.marketwatch.com/story/citi-leaves-bad-taste-after-a-satisfying-meal-2014-01-16?siteid=YAHOOB

So now we know which bank got dumped by investors looking to trade. But Citigroup Inc. shouldn’t be embarrassed. The bank had a strong year in which profit doubled from the previous year.

Citigroup’s disappointing finish to 2013 — revenue and net income fell well short of analyst expectations — was mostly due to a stunning 15% drop in trading revenue that was widely expected to hit the bank and its competitors hard. While other banks including J.P. Morgan Chase & Co. and Bank of America Corp. were able to offset the trading losses, Citi foundered. Its mortgage, banking and international banking divisions (which makes up half of its revenue stream) showed some improvement, but not enough to cover the gap left by lackluster trading.

This may leave investors with a bad taste in their mouths, but it shouldn’t. If 2013 was a meal, Citi served a four-course feast with the dessert simply not sweet enough...

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