Citi's Income Falls 32% as Underwriting Slips

Filed under: Citigroup Inc. (C)

Citigroup's first-quarter income fell 32 percent on lower revenue from its investment banking business and a decline in consumer loans. The bank was able to set aside fewer reserves for losses as more borrowers were able to keep up with their debt payments.



The New York bank on Monday said it earned $3 billion, or 10 cents per share, compared with $4.4 billion, or 15 cents a share in the first quarter of last year. The earnings were slightly higher than the 9 cents a share estimated by analysts surveyed by FactSet.



First quarter revenue fell 22 percent to $19.7 billion from the same period last year.

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