Citi’s net income dropped to $3.2-billion, or $1.51 per share, compared with $3.5-billion, or $1.63 per share, a year earlier
profit fell 9 per cent in the third quarter as it set aside more money to cover the risk of loan defaults, particularly on credit cards.
Services revenue climbed 8 per cent to $5-billion, fuelled by a 24 per cent surge in revenue for securities services to $1.4-billion. In 2020, the Office of the Comptroller of the Currency and the Federal Reserve fined Citi $400-million and ordered the bank to fix persistent risk management and data governance failures.
Citi is giving special attention to data, an area “where we got the feedback that we weren’t moving fast enough”, Chief Financial Officer Mark Mason told investors in September.
Cent Bank Revenue Share Quarter Citi Index Risk Jpmorgan Chase And Wells Fargo Office Of The Comptroller Of The Currency Tim Ryan
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