Citibank sees earnings drop

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Citibank sees earnings drop

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New York based global bank Citigroup has announced a 4.7 billion dollar loss in earnings after it agreed to sell off its joint brokerage business with Morgan Stanley.

The country’s third-largest bank posted a net income of 468 million dollars. This time last year the groups net income reached 3.8 billion dollars.

Along with the Bank of America Citigroup was one of the financial institutions hardest hit by the financial crisis of 2008.