third-quarter profit slumped 34% and the bank set aside billions of dollars to cover potential losses in the coronavirus recession.
Citigroup posted a profit of $3.23 billion, or $1.40 a share, down from $4.91 billion, or $2.07 a share, one year ago. Analysts had expected 91 cents a share, according to FactSet. In the second quarter, profit had fallen to 50 cents a share.
Revenue in the consumer bank fell as people continued to struggle through the recession. The Wall Street operations turned in higher revenue as trading surged in the uncertain market and bankers helped nervous companies raise cash and sell stocks and bonds to ride out the downturn. JPMorgan Chase & Co., which also reported results Tuesday, followed a similar pattern, though its overall profit rose 4%.
Still, the results were better than the second quarter’s and topped analyst expectations. The bank slowed the