Citigroup posts $1.8 billion fourth-quarter loss after litany of charges

Citigroup reported its fourth-quarter earnings before the opening bell, with adjusted earnings per share of 84 cents, slightly higher than the expected 81 cents. However, the revenue fell short of expectations at $17.44 billion compared to the anticipated $18.74 billion. The CEO of Citigroup, Jane Fraser, had previously announced plans for a corporate reorganization, and the bank is expected to disclose how this overhaul will impact headcount and reduce expenses. Citigroup has already announced its exit from municipal bond and distressed debt trading operations. JPMorgan and Bank of America have also reported their results, while Goldman Sachs and Morgan Stanley are scheduled to report later.