Citigroup shares tumble after profits disappoint

US investment banking giant Citigroup saw its shares tumble in early afternoon trading after the group revealed a fall in profits and sliding revenues.

Citigroup's fourth quarter net income totaled $1.2bn, or 38 cents a share, down 7.7% from a year ago. Revenue fell 6.5% from a year earlier, to $17.2bn. Both figures widely missed analysts' expectations, which called for a profit of 49 cents a share and revenue of $18.5bn. In response shares were off 4.7% in early trading, down $1.44 at $29.30. On a positive note, Citi said its bad loan book was declining. The drop came amid a positive start on Wall Street, with both the Dow and the S&P 500 climbing sharply. The Dow gained 123 points, or 1%, to hit 12,545, while the S&P 500 r...