Citigroup posts 2011 profit rise but suffers in quarter

But fourth-quarter profit fell 11%, as revenue declined on the back of slower capital markets and rising operating expenses.

The third-largest US bank by assets reported net income of $1.16bn (£753m), down from $1.31bn a year earlier.

Late last year, Citi said it would cut 4,500 jobs around the world to reduce its costs.

"Overall, we made solid progress in 2011," said Vikram Pandit, Citi's chief executive Officer

He said the firm had "reached key benchmarks in our consumer businesses, showing our strategy is achieving results".

But there was a large drop in revenues at Citi's asset management and brokerage business.