Citigroup reported a net loss for the fourth quarter of $1.8 billion, amounting to a loss of $1.16 a share. The loss comes after Citigroup previously disclosed a litany of one-time charges, which included a $780 million charge due to severance and other costs related to its restructuring efforts.
Citigroup reported revenue of $17.4 billion. Wall Street analysts expected Citi to report earnings per share of 11 cents and revenue of $18.7 billion.
Investors were already bracing for bad news, though, and appeared somewhat comforted that it wasn’t worse. Shares were up 2.6% to $53.50 in premarket trading around 8:10 a.m.
The company is in the midst of a turnaround effort under CEO Jane Fraser, who has moved to cut layers of management and staffing and reorganize the business.
“While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023,” she said in a statement. “We restricted around five core, interconnected businesses to align our organization with our strategy and to provide greater transparency into their performance.”
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