Citigroup Inc. reported a 25 percent drop in third-quarter profit on Friday as the most global of U.S. banks set aside funds to cover soured loans from a potential economic downturn, while its investment bank struggled with a slump in global dealmaking.
The U.S. Federal Reserve’s aggressive actions to stamp out decades-high inflation have triggered fears of a downturn in the economy that could trigger a surge in loan losses for the banks.
