From CNBC:

Citigroup CEO, Jane Fraser, faced scrutiny at a Senate committee hearing following the bank’s $1.8 billion fourth-quarter loss. The charges, including those from overseas risks and regional banking crisis, hit earnings by $4.66 billion. Despite Fraser’s corporate overhaul, the company’s performance was labeled “very disappointing.” Citigroup also announced exiting municipal bond and distressed debt trading operations.
As the third biggest U.S. bank by assets, Citigroup had 240,000 employees as of September, trailing only JPMorgan Chase. The company posted a $1.8 billion fourth-quarter loss after significant charges related to overseas risks, regional banking crisis, and CEO Jane Fraser’s corporate overhaul. Earnings were affected by $4.66 billion, or $2 per share. Initiatives to exit some trading operations were also announced.
Earlier in September, Citigroup announced plans for a comprehensive corporate reorganization following previous unsuccessful efforts. This week, the company disclosed bigger charges than previously estimated, leading to the fourth-quarter loss. The ongoing streamlining exercise resulted in exiting operations such as municipal bond and distressed debt trading.
JPMorgan and Bank of America had reported their results earlier, with Goldman Sachs and Morgan Stanley set to report next Tuesday. This story is developing, and updates are expected in the future.



Read more: Citigroup (C) earnings 4Q 2023