[1/2] Customers use ATMs at a Citibank branch in the Jackson Heights neighborhood of the Queens borough of New York City, U.S. October 11, 2020.
REUTERS/Nick ZieminskiJan 13 (Reuters) - Citigroup Inc (C.N) reported a fall in fourth-quarter profit on Friday, as the bank hiked provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity.
That compares with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize.
Citi's investment banking revenue plunged 58% as merger and acquisition activity slowed dramatically last year, with companies shunning deals amid higher interest rates, the war in Ukraine and growing economic uncertainties.
Net profit came in at $2.5 billion, or $1.16 per share, for the three months ended Dec. 31, compared with $3.2 billion, or $1.46 a share, a year earlier.