Boston, MA 02/06/2014 (wallstreetpr) – Citigroup Inc. (NYSE:C) with its three core businesses of Global Consumer Banking, Securities & transactions and transactions faces struggles which need to be addressed as soon as possible. Its biggest business line, Global consumer banking saw its fortunes turn soar slumping in F2013 by 11%. This represented a drop in revenue from highs of $8 billion in F2012 to lows of $7.1 billion in F2013. The consumer operation segment also dropped moving minimal transactions throughout the year.
Causes of the drop
Citigroup Inc. (NYSE:C) has cited the massive decline in its key segments to the continued refinancing being experienced in the US accompanied with the changing regulatory environment in Asia. Despite all this there has been concerns considering other sectors in the finance industry such as wells Fargo posted income rise of up to 21% despite the harsh market conditions. Despite the not so good results for full year in F2013, its CEO exudes confidence for future success, he was quoted as saying “we didn’t finish 2013 as strongly as I would have liked, I’m very pleased with the progress we made over the course of the year”
Growth in Citigroup
Despite its core business slumping in the market there are positives that one can take for Citigroup Inc. (NYSE:C) full year results of F2013. The financial mega house saw its net income in the fourth quarter increase from $2.2 billion recorded in F2012 to highs of $2.6 billion. Growth was strong throughout the year with full year net income coming in at $13.8 billion a massive increment of 15% compared to F2012. The company’s revenues were high for the period with low costs of operation and expense. There is no need for alarm as the company is in line to perform better on its key business units in F2014.
Citigroup Inc. (NYSE:C) was stable on Wednesday trading session closing the day at $47.06 a slight increase of 0.60%
