Citigroup's profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit...
FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City - Citigroup 's profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund.
Revenue fell 2% on a reported basis to $21.1 billion in the first quarter. Excluding one-off items such as the sales of businesses last year, it was higher in the quarter. "These past months have not been easy," Fraser wrote in March. "Far from it. The changes we've made are the biggest that most of us have experienced at Citi ..., putting us on the front foot and improving our competitiveness," she had said.
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