Citigroup's 3Q earnings disappoint

The nation’s third-largest bank, Citigroup, announced its third-quarter profits rose to more than $3 billion, from $468 million compared to the same period last year.

Despite shares rising to $1 from 15 cents in third-quarter 2012, the increase was still lower than analysts’ expectations of $1.04 per share. Citigroup blames a slowing mortgage market and a drop in its fixed-income business for the lower figures, according to the New York Times.

The bank’s revenue rose to more than $17.8 billion, an increase of 30 percent over the $13.7 billion reported in the same period last year, short of the expected $18.74 billion. The slump is being attributed to a drop in the bank’s fixed-income trading, and officials stated it is relying on reducing expenses to increase its revenue.

Read more from the New York Times.