Citigroup reports falling profits

<p>Profits are down at Citigroup.</p>

Citigroup has confirmed its profits have fallen in its latest financial results.

The US bank, which is the country's third largest, stated that it made $3.2 billion (£2 billion) for the third quarter of 2013.

While this is down on the previous three-month period, it is up on the same quarter in 2012.

Chief executive Michael Corbat explained that the bank had performed "relatively well" in a "challenging" environment and cited uncertainty over monetary policy in the US as one of the reasons why trading has slowed in recent months.

Citigroup also confirmed that its net income for the third quarter of 2013 was generated on revenues of $17.9 billion.

At 15:52 BST, the share price of the bank was down by 0.32 per cent on the start of the day.

The profits announcement comes only a short time after the bank revealed it has reached a settlement with Freddie Mac over 3.7 million loans sold to the firm between 2000 and 2012.

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