Citigroup quarterly profits falls

Citigroup today reported lower first-quarter profit on Monday as the bank worked to contain expenses in the face of volatile capital markets.

The New York-based lender said net income was $2.93bn (£1.85bn), compared with $2.99bn for the same period last year.

Revenue from its ongoing securities trading and investment banking declined 12 per cent from the strong quarter a year earlier, but rose 65 per cent from the weak 2011 fourth quarter.

"While the operating environment improved in the first quarter, there is still much macro uncertainty and we will continue to manage risk carefully," chief executive Vikram Pandit said in a statement.