Citigroup saw its revenues stay steady through the 2020 year, while its net income plummeted by 41 per cent.
The multinational wealth and banking group recorded US$74.3 billion in total revenues for the 2020 full year, staying flat on its 2019 result while its net income plunged by 41 per cent to US$11.4 billion.
The last quarter had seen a 10 per cent decline in revenues year-on-year, reflecting declines across the global consumer banking, institutional clients group and corporate/other segments.
Net income had also fallen in the fourth quarter by 7 per cent from the prior year, as revenues were squashed and experiences rose.
Citi chief executive Michael Corbat noted the company had managed to maintain its revenues despite a “tumultuous year”, crediting its diversified franchise.
The company recently merged its wealth businesses into a single unit named Citi Global Wealth, including the group’s private bank and consumer wealth divisions under the global banking and institutional clients segments.
“We have streamlined our consumer business and embraced the shift to digital so we can serve our clients the way they want to be served,” Mr Corbat said.
As the Federal Reserve has eased restrictions on share repurchases, Citi has signalled plans to resume buy-backs during the current quarter.
The global consumer banking segment copped a 9 per cent fall in total revenues for the full year, to US$29.9 billion, while net income was eroded by 85 per cent to US$878 million.
The institutional clients group on the other hand saw a 13 per cent rise in total revenues to US$44. 2 billion, while its net income dwindled by 7 per cent to US$12 billion.
Across regions, Latin America felt the greatest revenue decline of 11 per cent to US$10.4 billion, while in Asia revenue slipped by 1 per cent for the year to US$16 billion.
The North American and EMEA areas both saw 7 per cent increases for the 2020 year, to total revenues of US$33.8 billion and US$12 billion, respectively.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].