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Citigroup Beats Fourth-Quarter Profit Estimates After Slashing Costs

January 14, 2019

Via: TheStreet

Citigroup Inc. (C – Get Report) , the third-biggest U.S. bank, posted a fourth-quarter profit that beat analysts’ estimates, with CEO Michael Corbat cutting costs as revenue slid.

Net income was $4.3 billion, the New York-based bank said Monday in a statement. Earnings per share were $1.64, while adjusted profit of $1.61 beat the average analyst estimate of $1.55 in a FactSet survey. The results were difficult to compare with those in the fourth quarter of 2018, when Citigroup booked a net loss of $18.9 billion because of a one-time charge related to the tax law passed in late 2017.

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