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.
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