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Thursday, January 27, 2022

Citigroup results show restructuring has its costs

CITIGROUP Inc displayed some of the financial bruises required for its current restructuring as it reported a 26% drop in fourth-quarter profit on Friday.

The bank said results were depressed by $1.1 billion in after-tax expenses for its ongoing divestitures of consumer banking businesses outside of the United States.

The lender has been shedding the last of its non-U.S. consumer businesses as part of a “strategy refresh” started by chief executive officer Jane Fraser, who took the helm in March.

Operating expenses were up 18% from a year earlier with the charges but still up 8% for its ongoing businesses.

It has also spent more in the past few quarters to fix issues regulators identified in its controls systems, leading to questions from investors on how much money and time the remedies will…

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