Citigroup sees 27% income decline in 1st quarter

By Ovunc Kutlu

ISTANBUL (AA) – US-based Citigroup saw its income fall almost 27% in the first quarter of this year, according to its financial results released Friday.

The multinational investment bank and financial services corporation posted net income of $3.37 billion this January-March, down 26.7% from $4.6 billion in the same period last year.

Total revenue, meanwhile, came in at $21.1 billion, down 1.6% from $21.45 billion, during that period.

Amid the negative results, Citigroup's stock price was down 2.12% on the New York Stock Exchange at 12.53 p.m. EDT (1453GMT).

Wells Fargo, another American multinational financial services company, also saw its net income decline in the first quarter of this year, according to its financial results released Friday.

The company had a net income of $4.62 billion for the three months ending March, down 7.6% from almost $5 billion in the same period of 2023.

Total revenue, on the other hand, rose slightly by only 0.64% to $20.86 billion, from $20.73 billion, during the same period.

Wells Fargo's stock price was down 0.18% on the New York Stock Exchange at 12.53 p.m. EDT (1453GMT).