Citigroup is the second major US bank to report fourth-quarter results. J.P. Morgan Chase & Co posted a quarterly profit of $3.3 billion last week, helped by rising fixed-income trading revenue, but suffered deep losses on US mortgage and credit card loans, which disappointed many investors.
Citigroup has been struggling to return to profitability in its main lending businesses after posting more than $100 billion of credit losses and writedowns. Although the bank posted a profit for 2009, $6.7 billion came from selling a controlling stake in its Smith Barney business. Citigroup shares fell more than 50 percent in 2009, while the KBW Bank index, a broader measure of banks, fell 3.6 percent.