Citigroup posts $1.8 billion fourth-quarter loss after litany of charges
CNBCJAN 2024
Citigroup Announces Job Cuts, Worst Q4 Loss in Years
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The Spin
Narrative A
Given these results, 2024 will be a decisive year for Citigroup investors. While the company claims that its ongoing restructuring will improve profitability and returns, it has yet to be seen whether that will actually happen in the short run. Additionally, there's a long way to go on efficiency metrics, such as return on tangible common equity.
Narrative B
Though apparently disappointing, fourth-quarter earning reports from the largest banks in America reveal their resilience in the face of one-off charges that melted their income. Even Citigroup, which reported its worst quarter in more than a decade and announced plans for job cuts, performed well during the last quarter of 2023.