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New York City (AFP) – U.S. banking giant Citigroup reported Tuesday third-quarter results that missed expectations, citing a “challenging” environment.

Citigroup posted net income of $3.2 billion in the July-September quarter, up from $468 million in the same quarter in 2012.

Earnings per share came in at $1.00, up from 15 cents a year earlier.

Excluding a tax benefit and CVA/DVA adjustment –the risk-based adjustment of derivative asset valuation — earnings were $1.02 per share, below the $1.04 analysts estimated.

Revenues jumped 30 percent from a year ago, to $17.9 billion, but also came in weaker than the $18.7 billion estimates. Compared with the second quarter, revenues fell 13 percent.

Excluding CVA/DVA, the revenues of Citicorp, the bank’s main division, fell 7 percent from a year ago to $17 billion, and were down 10 percent from the prior quarter. The decline was mainly linked to trading and investment bank activities.

Fixed-income revenues slumped 26 percent from a year ago, to $2.8 billion, reflecting lower volumes and uncertain economic conditions, the bank said.

“We performed relatively well in this challenging, uneven macro environment,” Michael Corbat, Citi’s chief executive, said in a statement.

“While many of the factors which influence our revenues are not within our full control, we certainly can control our costs, and I am pleased with our expense discipline and improved efficiency year-to-date.”

Citigroup shares were down 1.2 percent at $48.99 in pre-market trading.

President Trump boards Air Force One for his return flight home from Florida on July 31, 2020

Official White House Photo by Joyce N. Boghosian

Reprinted with permission from Alternet

Florida senior residents have been reliable Republican voters for decades, but it looks like their political impact could shift in the upcoming 2020 election.

As Election Day approaches, Florida is becoming a major focal point. President Donald Trump is facing more of an uphill battle with maintaining the support of senior voters due to his handling of critical issues over the last several months. Several seniors, including some who voted for Trump in 2016, have explained why he will not receive their support in the November election.

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