Citigroup on Tuesday highlighted the challenges it faces in regaining the ground lost during the financial crisis, unveiling fourth-quarter results that disappointed investors and sent its shares sharply lower.
Citi’s poor performance overshadowed its first yearly profit since 2007 and weakened its assertions that the US financial giant had overcome its troubles and was ready to compete head-on with Wall Street rivals.
It shares were down by more than 6 per cent to $4.78 in early afternoon trading in New York after the bank reported earnings per share of $0.04, well below analysts’ expectations of $0.08, in spite of a favourable tax rate.
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