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Mario Tama

US financial institution Citigroup has blamed the current turmoil on world markets for a shock drop in income.

Fourth quarter income slipped 2% to $17.1bn (£13.3bn), falling in need of analyst estimates of $17.5bn.

The financial institution mentioned earnings on its bond buying and selling desks had slumped by a fifth following the fluctuations on monetary markets in December.

However chief govt Michael Corbat mentioned the lender, which is America’s third largest, was making “strong progress”.

“A unstable fourth quarter impacted a few of our market delicate companies, significantly mounted earnings,” he mentioned.

Within the three months to the top of December, revenue rose to $four.2bn, or $1.61 a share, from $three.7bn, or $1.28 a share, a 12 months earlier.

Citi is the primary of the foremost US banks to put up ends in 2019, with JP Morgan, Financial institution of America and Goldman Sachs all resulting from subject fourth-quarter figures later this week.