Here’s a summary of Citigroup’s results:
• The quarterly results swung to a loss of $18.3 billion, or $7.15 a share, from profit of $3.57 billion, or $1.14, a year earlier. Adjusted earnings per share, which excluded the impact of the tax-related charge and an 8-cent benefit from other one-time items, were $1.20. Twenty-two analysts surveyed by Bloomberg had average adjusted estimate of $1.19.
• Revenue rose 1 percent to $17.3 billion, while expenses were roughly flat at $10.1 billion.
• The efficiency ratio, a measure of how much it costs to produce a dollar of revenue, fell to 57.7 percent in 2017, more than 1.5 percentage points better than the prior year.
• The net cost of credit rose 16 percent to $2.07 billion, including $267 million that was mostly driven by the same client that hurt equity-trading revenue.
• Investment-banking revenue rose 10 percent to $1.24 billion.
This article was provided by Bloomberg News.