Citi CEO: '2016 didn't get off to the start we hoped for'

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Citigroup reported a sharp decline in quarterly profit on Friday, hit by weak revenue, costs related to shrinking businesses, and loans to energy companies that are going bad.

Reuters reports that on conference calls, executives suggested the pain might not be over by saying the bank is unlikely to meet a key performance target, and that it could $400m more in credit costs this year than previously thought if oil prices drop by a certain amount.

"2016 didn't get off to the start we hoped for," CEO Corbat said on a conference call to discuss results with analysts.

Citigroup reported the biggest drop in profit among big U.S. banks that have released first-quarter results so far. However, lower operating expenses helped the bank beat Wall Street's low expectations.

To access the complete Reuters article hit the link below:

Citigroup's first-quarter results suggest tough year ahead

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