Although Citigroup celebrated its 200th anniversary, it proved another tough year for the third-biggest U.S. bank. Earnings fell 32% on revenues of $90.8 billion. Citi vet Michael Corbat, who previously ran the bank's portfolio of non-core business and assets, replaced Vikram Pandit last October as CEO. As part of Corbat’s efforts to make Citigroup more efficient, he’s already laid off employees and closed branches. Indeed, the moves may partly explain why Citi’s first quarter earnings for 2013 beat analysts’ estimates.


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