Citi Misses Street; 4Q Profit Down 11 Percent

Published January 17, 2012 1:18PM (EST)

NEW YORK (AP) — Citigroup says its income fell 11 percent in the last three months of last year because of lower investment banking income, an accounting charge and a decline in the value of its assets.

The bank said Tuesday that it made $1.2 billion, or 38 cents per share, on revenue of $17.2 billion. The results fell short of the 54 cents per share estimated by analysts surveyed by FactSet, a provider of financial data.

A year earlier, in the fourth quarter of 2010, Citigroup made $1.3 billion on revenue of $18.4 billion.

Citi's stock is down 2.5 percent at $29.98 in pre-market trading.

By Salon Staff

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