Banking giant Citi on Thursday reported a net loss of $1.8 billion for the fourth quarter of 2023 as compared to a year ago profit of $2.5 billion. The bank also said that it plans to reduce its headcount in the future. The revenue for the quarter of Citi’s wealth segment, which contains its crypto arm saw a decline of 3% to $1.7 billion.
Citi swings to losses in Q4, Crypto division’s revenue dips
Citi reported a loss of $1.8 billion for the final quarter of 2023. The banks’ quarterly revenue came in at $17.4 billion, a 3% plunge from a year ago. Citi attributes its loss to higher expenses and higher cost of credits incurred in the period.
The wealth segment of the bank also saw a 3% decline in revenue for the quarter to $1.7 billion. Citi’s wealth branch houses its’ digital asset branch. The drop in the segment’s revenue came on the back of lower deposit spreads, the bank said in a statement.
Citi to cut jobs in the medium term
The American multinational investment bank
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