Citigroup on Friday reported a loss of $1.8 billion (1.6 billion euros) for the fourth quarter, due to charges to repay a support fund for failed banks and a reorganization large-scale internal.
The loss was also fueled by provisions to cover currency risks in Argentina and Russia.
The third-largest U.S. bank by assets reported a loss of $1.16 per share for the quarter ending Dec. 31.
The results were eroded by $3.8 billion in charges and provisions that Citigroup released in a filing Wednesday.
Revenue fell to $17.4 billion in the quarter from a year earlier, but increased in 2023 to $78.5 billion from a year earlier.
The bank’s net profit fell to $9.2 billion, compared to the previous year.
Last month, Chief Financial Officer Mark Mason said Citi plans to complete its overhaul in the first quarter of 2024. The bank aims to reduce annual spending to a range of $51 billion to $53 billion.
In November, Citi announced further management changes after saying it would reduce the number of management levels from 13 to eight.
Under the new structure, leaders of Citi’s five core businesses will report directly to the CEO.
Rival banks JPMorgan Chase and Bank of America reported lower quarterly profits on Friday, while Wells Fargo outperformed thanks to cost cuts.
(Writing by Manya Saini in Bangalore, with Tatiana Bautzer in New York; Stéphanie Hamel, edited by Kate Entringer)
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