Citigroup posts loss in ‘very disappointing' quarter but it's ‘made substantial progress' in transformation

Citigroup Inc,’s stock C, -1.77% was up by 4% in premarket trading on Friday after its profit excluding multiple one-time items beat analyst estimates. Chief Executive Jane Fraser said the quarter “was very disappointing due to the impact of notable items” but the bank made “substantial progress” executing its strategy to simplify the bank. Citi is laying off 7,000 people as part of its restructuring. Citigroup said its fourth-quarter net loss including all items was $1.8 billion, or $1.16 a share. In the ...