(Finance) – Citigroup recorded one net loss for the fourth quarter 2023 of $1.8 billion, or $1.16 per share, up revenues of 17.4 billion dollars. That compares with net income of $2.5 billion, or $1.16 per share, on revenue of $18 billion for fourth-quarter 2022.
As previously disclosed, fourth quarter results included several notable entries, including: expenses associated with the Federal Deposit Insurance Corporation (FDIC) special fund of approximately $1.7 billion before taxes; a reserve buildup of $1.3 billion associated with relocation risk in Russia and Argentina; the impact on pre-tax revenues from the devaluation of the Argentine peso in the fourth quarter of 2023 by approximately $880 million; a restructuring charge of approximately $780 million related to actions taken as part of Citi’s organizational simplification.
The combination of these elements had a negative impact on earnings per share of approximately $2.00. Excluding these items, earnings per share would have been $0.84 for the quarter.
THE revenues they decreased by 3% compared to the same period of the previous year. Excluding divestment-related impacts and the pre-tax impact of Argentina’s devaluation, revenue increased 2%, led by strength in Services, U.S. Personal Banking (USPB) and Investment Banking, partially offset by lower revenue in Markets and in Wealth.