Banking behemoth Citigroup Inc. (NYSE: C) on Friday reported a net loss for the fourth quarter of 2023 compared to profit last year. Revenues declined 3% during the three-month period.
The company reported a net loss of $1.84 billion or $1.16 per share for the December quarter, compared to a profit of $2.5 billion or $1.16 per share in the corresponding period of last year.
The bottom line was negatively impacted by charges related to special items. Excluding the charges, fourth-quarter net income would have been $0.84 per share. Total revenues decreased 3% annually to $17.44 billion.
“While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023,” said Citi’s CEO Jane Fraser.
