Citigroup (Citi) has announced a 32% fall in net income to $7.5bn for the 12 months to end December 2012.

Citi posted a 10% drop in revenues to $70.2bn year-on-year.

More positively, Citi’s retail banking division, Citicorp, reported a 10% rise to its revenues to $18bn while the group’s cards business posted a decline in revenues by 3% to $22.1bn.

Net interest revenue at Citicorp fell by 1% to $29.4bn while non-interest revenue rose by 13% to $10.7bn.

Total deposits at Citi rose by 7% to $931bn.

Total assets remained flat at $1.8trn.

Michael Corbat, Citigroup’s CEO, said: "Our bottom line earnings reflect an environment that remains challenging – with businesses working through issues like spread compression and regulatory changes – as well as the costs of putting legacy issues behind us."

In December 2012 Citi announced they are to cut 11,000 jobs around the world, 4% of their global work force, in an attempt to save $1.1bn in costs.