Citigroup Profit Hit by Credit Losses, Allowances for Bad Loans

Key Takeaways Citigroup's shares lost ground Tuesday after the bank's third-quarter profit fell as its credit losses and reserves to cover bad loans increased. Despite that, net income and revenue exceeded estimates, boosted by a large gain in revenue from the investment banking sector. CEO Jane Fraser pointed to her efforts to revamp the bank, saying the results show "we are moving in the right direction and that our strategy is gaining traction." Citigroup (C) shares lost ground Tuesday after the bank's t ...