- NEW YORK : Citigroup's loan portfolio improved late last year, partly because Americans were better about paying down credit card debt.
- But choppy financial markets hurt its investment banking profits, and the bank missed Wall Street expectations.
The bank said profit fell 11 percent in the last three months of last year.
Besides making less money on investment banking, the bank lost money because of a quirky accounting rule related to the value of its corporate bonds.
Citi made $1.16 billion, or 38 cents per share, on revenue of $17.2 billion.
The results fell short of the 54 cents per share estimated by analysts surveyed by FactSet, a provider of financial data.
A year earlier, in the fourth quarter of 2010, Citigroup made $1.3 billion on revenue of $18.4 billion.
