Ultima Markets[Market Hotspot] Citigroup fell into a slump in the fourth quarter of last year due to a sharp increase in expenses...

Citigroup (C.US) of2023The fourth quarter financial report revealed a net loss of up to18 Billion US dollars, compared to2022The fourth quarter of the year 25.1 The net profit of billions of dollars forms a sharp contrast. The deficit is mainly caused by two key factors - firstly, Citigroup's total credit cost has surged92%, reaching35.47USD100mn Secondly, the total revenue for this quarter has declined at an annual rate 3%。

The company stated in a statement released last Friday that,2023The total operating costs increased in the fourth quarter of the year23% come160USD100mn Among these operating expenses,17 Billion US dollars attributed toFDIC Assess the pre tax and asset divestment related costs. CEO Susan Fraser (Susan Fraser) We are undergoing a global business restructuring, which includes selling over a dozen retail banking businesses, resulting in increased costs.

Fraser's comment: "After the progress made in simplification and asset divestment,...",2024 The year will be a turning point as we will be able to fully focus on the performance and transformation of our main five businesses "We are confident in adapting to the constantly changing capital and macro environment to achieve mid-term goals and enhance shareholders' ability to invest, while continuing to make the necessary investments for transformation."

(Citigroup2023Revenue in the fourth quarter of the year)

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