Seeking Alpha

Citi slips after poor Q4 results

  • CEO Michael Corbat: "We didn't finish the year as strongly as we would have liked, [but] made substantial progress toward our key priorities in 2013."
  • Citi Holdings assets fell 25% for the year to $117B and now represent 6% of total Citigroup assets. $2.4B of the DTA was used.
  • Citicorp revenue of $16.48B fell 2% Y/Y, Citi Holdings revenue of $1.3B up 22%. Adjusted expenses of $11.9B fell 6%.
  • Net credit losses of $2.5B fell 15%. Loan loss reserve of $670M is flat from a year ago.
  • Tier 1 Common Ratio of 12.6% compares to 12.7% a year ago. Tangible book value per share of $55.38 is up 8% from a year ago.
  • C -2.6% premarket
  • CC at 11 ET
  • Press release, Q4 results
Comments (4)
  • WisPokerGuy
    , contributor
    Comments (889) | Send Message
     
    Apparently Corbat is doing just as good a job as Pandit did. When you compare Citi to the other peers that have reported, this is pretty much a complete bed wetting.
    16 Jan, 08:47 AM Reply Like
  • bdubya13
    , contributor
    Comments (94) | Send Message
     
    Citi is the new Fannie/Freddie..Implied government guarantee...they will never perform like any of the other big banks, and they will never file a bk.
    16 Jan, 10:01 AM Reply Like
  • gussieboy
    , contributor
    Comments (26) | Send Message
     
    Very disappointing. The shadow of Robert Rubin still hanging over them.
    16 Jan, 10:35 AM Reply Like
  • TippingPoint
    , contributor
    Comments (152) | Send Message
     
    At least the current CEO wasn't picked by Weill or Rubin, but it will take awhile to exorcise the Weill/Rubin demons from this company. If I was Corbat I would ask John Reed to come back and be an informal advisor.
    16 Jan, 01:56 PM Reply Like
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