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Citigroup’s Big Earnings Disappointment

It took billions of dollars in charges over lawsuits and layoffs


CitigroupShares of Citigroup (NYSE:C) fell almost 3% in Thursday morning trading after the bank posted fourth-quarter results that fell short of Wall Street forecasts.

During the quarter, Citigroup generated net income of $1.2 billion, up 25% from $956 million during the same period in 2011. Adjusted EPS came in at 69 cents a share. That disappointed analysts who had anticipated earnings of 96 cents a share, Reuters noted.

Citigroup’s results were dented by $1.2 billion in charges relating to litigation and $1.03 billion in charges resulting from layoffs.

In October, former CEO Vikran Pandit was ousted by the bank’s board of directors and was replaced by current CEO Michael Corbat.

Last month, the bank announced that it would eliminate 11,000 jobs at its worldwide operations in a bid to trim $1.1 billion in annual costs.

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