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January 18, 2013

Citi and BofA fail to dispel concerns

“Bank of America and Citigroup have suffered setbacks in their attempt to escape a troubled legacy of problems from the financial crisis with renewed worries over legal costs and doubts over profitability.

The two US banks, the most scarred survivors from the 2008 crisis, both reported earnings that missed market expectations.

Citi’s fourth-quarter earnings, the first under new chief executive Michael Corbat, saw net income climb 25 per cent to $1.2bn, or 69 cents a share, after stripping out the impact of changes in the value of the bank’s debt and costs from job losses. The consensus estimate was 96 cents a share.”
Read Tom Braithwaite’s full Financial Times article here
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