Citigroup Inc. /zigman2/quotes/207741460/composite C -1.73% said Friday it had net income of $4.6 billion, or $2.08 a share, in the fourth quarter, down from $5.0 billion, or $2.15 a share, in the year-earlier period. Revenue fell 10% to $16.5 billion from $18.4 billion. The FactSet consensus was for EPS of $1.34 and revenue of $16.7 billion. The revenue decline was due to lower revenues in global consumer banking, institutional clients group and corporate, the bank said in a statement. Net income fell due to lower revenue, higher costs and a higher tax rate, which was partly offset by lower cost of credit. Chief Executive Michael Corbat said full-year revenues were flat, despite the "massive economic impact of COVID-19." The bank had $676 billion in loans as of quarter end, down 3% from the year-earlier period. Deposits stood at $1.3 trillion, up 20%. Revenue from the global consumer banking business rose 11% to $4.7 billion. Revenue at the institutional clients group fell 1% to $9.3 billion, as treasury and trade solutions, investment banking and corporate banking revenue fell, offsetting strength in fixed income markets, equity markets and the private bank. Investment banking revenue fell 5% to $1.3 billion, as strong growth in equity underwriting was more than offset by lower revenue in M&A and debt underwriting. Equity underwriting revenue rose 83% to $438 million, while debt underwriting fell 16% to $617 million. Markets and securities revenues rose 13% to $4.5 billion, as fixed income markets revenue fell 7% to $3.1 billion and equity markets revenue rose 57% to $810 million. Corporate banking revenue were a negative $85 million, after positive $542 million a year ago. Citi shares fell 1.7% premarket, and have fallen 15% in the last 12 months, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.75% has gained 7%.