REUTERS/Jason Reed
Citi reported fourth-quarter earnings on Friday that beat on the top and bottom lines — but the stock has been down all day nonetheless.
At the time of writing, it was down about 6.5%.
Markets in general are down Friday, but Citi has dropped much more significantly than the other major Wall Street banks.
The firm reported adjusted earnings per share of $1.06 for the quarter on revenue of $18.64 billion.
Analysts were expecting adjusted earnings per share of $1.05 on revenue of $17.93 billion, according to Bloomberg.
Citi's full-year net income came in at $17.2 billion — up significantly from its 2014 net income of $7.3 billion.
CEO Michael Corbat said in a statement, "The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses, and assets."
So why is the stock getting slammed?
As Seeking Alpha points out, the earnings statement is full of one-off items that cloud the picture of Citigroup's clean operating earnings.
Citi executives will hold a call with analysts at 11:30 a.m. ET on Friday. We'll find out more then.
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