Citigroup which is the largest Bank in the United States by market value reported its third quarter earnings, which shows profits declining as much as 57 percent. Of the more than a dozen Dow stocks which will report earnings this week, CITI was expected to have the lowest Dow earner. At the end of today's close the Dow Jones industrial average fell 108.28 to 13984.80.
Citigroup's earnings Net income fell to $2.38 billion, or 47 cents per share, from $5.51 billion, or $1.10, a year earlier. Revenue rose 6 percent to $22.66 billion, while operating expenses increased 22 percent to $14.56 billion.
As with all the other financial stocks Citi says that the subprime mess is to blame for the decline in its profits.
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