Here's What Citigroup's CEO Said on the Impact of the Coronavirus in 2021

In September, Citigroup (NYSE: C) tapped Jane Fraser as its new CEO, making her the first woman to ever lead a large Wall Street bank. When she formally succeeds retiring CEO Michael Corbat in February, she will take over an institution that faces multiple challenges.

Banks have been hit particularly hard by several factors, including historically low interest rates and the recession that resulted from the COVID-19 pandemic. The pandemic has caused widespread economic hardships for businesses and individuals, which has led to fewer loans and higher provisions for credit losses -- both of which have hurt earnings.

Citigroup finished the year with its stock price down about 23% (as of Dec. 29). Earnings for the fourth-largest bank in the U.S. dropped 34% in the third quarter to $3.2 billion due to declines in consumer banking and its credit-card business, both of which have been hurt by the recession. It also set aside $314 million for expected credit losses, which was far less than the $5.6 billion allocated in the second quarter.

Source Fool.com