Published by
Reuters UK
Reuters UK
(Reuters) -Citigroup Inc on Friday posted a 26% drop in fourth-quarter profit but exceeded market expectations as strong gains in its investment banking business cushioned the blow from higher expenses. The bank’s profit fell to $3.2 billion, or $1.46 per share, for the quarter ended Dec. 31, from $4.3 billion, or $1.92 per share, a year earlier. Excluding the impact of costs stemming from Asia divestitures, the bank earned $1.99 per share. Analysts on average had expected a profit of $1.38 per share, according to Refinitiv IBES data. Citigroup’s investment banking arm had a strong quarter on …