Citi CEO anticipates 25% drop in net income

Michael Corbat

Citigroup CEO Mike Corbat on Wednesday indicated that the company's second-quarter net income will be roughly 25% lower than the same period a year earlier.

Reuters reports that Corbat, speaking at an investor conference in New York, said he expects second-quarter net income to be roughly flat with the first quarter of this year. In the first quarter, the company reported $3.5bn of profits, about 25% less than the $4.65bn it reported on an adjusted basis in the second quarter of 2015.

Citigroup is to post second-quarter results on July 15.

Citigroup has been grappling with a long-term decline in capital markets revenue and higher costs to comply with regulation. 

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Citigroup CEO points to 25 percent drop in quarterly results

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