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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
![](/wp-content/themes/goodlife-wp-B2B/assets/images/company-profile-unit.png)
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMichael 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.