Despite gains in the banking and wealth management business, Citigroup Inc.’s profits fell 26 percent in the fourth-quarter compared to a year earlier, according to Citigroup.
The New York-based bank earned $5.13 billion or $1.03 a share for the fourth-quarter, but it was still down from $6.93 billion or $1.37 in 2005. In 2005 Citigroup’s profits rose because of the $2 billion sale of its asset management arm.
During the fourth-quarter revenue rose 15 percent to $23.83 billion, a gain of $3 billion from the previous year. Corporate and investment banking revenue rose 14 percent to $7 billion, from $6.2 billion a year earlier. And revenue for global wealth management increased 21 percent to $2.7 billion.