Citi Stock Slides Following Weak Results Despite Accounting Gimmickry
Citi stock sliding (and below the $5 "psychological barrier") following poor earnings which miss EPS big, coming at $0.04 on expectations of $0.08. Q4 revenue USD 18.37 billion vs. Exp. USD 20.36 billion. Tier 1 common ratio of 10.7% at quarter end. Tier 1 capital ratio 12.9% at quarter end. Company says provision for credit losses and for benefits and claims declined USD 25.7bln, the provision for credit losses and for benefits and claims declined by USD 25.7bln for FY 2010 to USD 26.0bln, and the allowance for loan losses was USD 40.7bln at quarter end. According to the company the economic environment 'remains challenging.' And all this happens even as the FASB continues to give banks a green light to pull numbers out of thin air.
Full press release - link.
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