Higher costs, weak revenue cloud Citigroup's quarterly profit beat

Topics Citigroup | JPMorgan | Wells Fargo

By Ambar Warrick and Imani Moise (Reuters) - Citigroup Inc reported fourth-quarter profit that beat market expectations on Friday, but that failed to impress Wall Street as higher costs and a fall in revenue across its consumer business weighed on the results. Like fellow U.S.

bank JPMorgan Chase & Co, the results benefited from the release of $1.5 billion from its more than $10 billion reserves kept aside to cover coronavirus-driven bad loans. Fiscal and monetary stimulus to prop up the economy have revived banks' confidence.

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