Mark Elwa
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Citigroup 1st quarter profit drops

Citigroup said Friday that first-quarter profit fell 27%, hurt by a drop in trading and investment banking.

The New York-based bank reported a profit of $3.5 billion, or $1.10 per share. That compares with the $4.77 billion, or $1.51 per share, it reported in the same period of 2015.

Still, that beat the $1.03 expected by analysts polled by Thomson Reuters.

Revenue was down 11%, to $17.56 billion from $19.74 billion a year ago. But that also beat the expectations of analysts, who had predicted $17.46 billion.