Citigroup Q4 Earnings Call Highlights

Fourth-quarter expenses were $13.8 billion, up 6%, driven by higher compensation and benefits, tax charges, legal expenses, and technology, partially offset by productivity savings and lower deposit insurance expenses. Citi’s cost of credit was $2.2 billion, “primarily consisting of net credit losses in U.S. cards,” Mason said.Excluding that notable item, Citi reported adjusted net income of $3.6 billion, adjusted EPS of $1.81, and adjusted ROTCE of 7.7%. Mason said total revenues were up 2% year-over-year ...