Citi profit drops as costs rise for employee severance, deposit insurance

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Loss of confidence in Saint Mary's leadership | SaltWire - 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.

The bank also paid $251 million into a Federal Deposit Insurance Corp fund that was drained last year after three regional lenders failed. In the previous quarter, Citi had posted a $1.8 billion loss as one-time items dragged down its earnings.

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