Citigroup (Citi) has posted a full year net
profit of $11.3bn – a 6% increase from the year ago period.
Citi was boosted by a strong performance by
its regional consumer banking unit as net income soared by 33% to
$6.2bn.
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However, total revenue dropped by 10%, for the
12 months to 31 December, to $78.4bn from $86.6bn.
In Latin America, the bank’s retail banking
net income fell by 11% to $1.6bn, and in Asia its retail net
income decreased by 10% to $2bn.
Total assets fell by 2% to $1.9trn at the end
of the fourth quarter.
JPMorgan Chase kicked off the US reporting season with a record
net annual profit of $18.98bn, up 9% year-on-year.
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By GlobalDataIn a year when the majority of big banks have
been looking to reduce staff numbers, total employment at Citi grew
by 2% to 266,000; total employment at Chase also grew in 2011, by
8%, to 260,157.
