braked-sharply

Lower legal bill boosts Citi profit but core revenue weak

Citigroup Inc reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets masked weak revenue from its core business. Shares of Citi, which was displaced by Wells Fargo & Co as the No.3 U.S. bank by assets, fell as much as 7.2 percent to a near three-year low of $42.11 on Friday. Most banks have resorted to aggressive

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Lower legal bill boosts Citi profit but core revenue weak

braked-sharply

Raft of weak U.S. data points to sharply slower growth

By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales fell in December as unseasonably warm weather undercut purchases of winter apparel and cheaper gasoline weighed on receipts at service stations, the latest indication that economic growth braked sharply in the fourth quarter. The growth picture was further darkened by other data on Friday showing industrial production fell in December, dragged down by cutbacks in utilities and mining output. Signs the economy …

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Raft of weak U.S. data points to sharply slower growth