Citigroup Inc posted a 27% decline in second-quarter profit on Friday as the third-largest U.S. bank added reserves for potentially sour loans and its investment banking business took a hit from a slowdown in corporate dealmaking.
Profit fell to $4.5 billion, or $2.19 a share, in the quarter ended June 30, from $6.2 billion, or $2.85 a share, a year earlier.
The shift came as the bank added $375 million to its loan-loss reserves in the face of growing recession fears. A year earlier, exceptional government stimulus and the economy's recovery from the pandemic had allowed it to release $2.4 billion of reserves. The market moves have dried up underwriting and advisory fees for investment bankers who drove Wall Street's profit during the depths of COVID-19. Investment banking revenue fell 46% to $805 million in the quarter.
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