Citi Misses Big on 4Q EPS

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-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Keeping up with all the details -- -- latest yes Citigroup now crossing a big miss here and in earnings per share basis Diane -- analysts' expectation was 96 cents a share.

Coming in at 69 cents a share instead that's on an adjusted basis also revenue coming in light eighteen point seven billion dollars.

On an adjusted basis when you exclude net debt adjustments.

-- expectation there was eighteen point eight billion now back in December.

Other new CEO Michael -- bad did -- net revenue on an annual basis would come in life he warned that it will come and around 300 million dollars annually less.

And at that time -- -- this new CEO announced layoffs of about 111000 people at Citigroup.

This is a bank that is still struggling with about a 1071 billion dollars it dollar's in crisis era assets meaning really bad loans and bad assets.

It it has asked a Federal Reserve.

For permission to do its first share buybacks since 2007.

Remember last year Vikram Pandit embarrassingly got rejected when the bank asked for an estimated eight billion dollar share buy back.

This is a bank that did go for a one for ten stock split in 2011.

It is trading below the level of that stock split at that time in 2011 -- It was trading at 450s now trading around now watch this -- 42 bucks a share.

-- so what we're watching for is whether or not Citigroup is doing enough to right size its cost its overhead has been among the biggest on Wall Street.

And again -- -- -- bank had already warned that revenue would be coming in light.

But the cost savings beginning next year would start delivering one point one billion dollars in cost savings.

From its cost cutting moves so we basically also are seeing Bank of America squeaking -- and earnings per share just three cents a share that's down nearly 90% vs last year.

But it -- by the analysts' expectations by a penny there are red Bank of America back to Diane.

All right Liz -- from the news and things -- Let's take a look at the markets now futures are up across the board not by huge amounts.

But they've been -- for a little while now we're looking at Dow futures now up by about fourteen points yes and he's at three in the nasdaq's up eight.

In other news this morning is rising student debt has many asking if college is worth it.

Moody's Investors Service is raising about Florence and that he's in our newsroom with more on -- -- learn.

-- -- and while Moody's is asking the same question that parents and kids and graduates and students across America are asking themselves is college worth it right you graduate.

-- see the big bills racked up and while we don't have a job or if you do have one.

It doesn't pay that much so Moody's is saying that these issues as well as these potential government spending cuts.

Are really making -- whether college is worth it and they not a big concern with the cost of college so what they're doing.

What they have done.

Is downgraded the entire higher education sector their outlook on that sector to negative this implants the fancy schools Princeton Harvard EL.

And it also include she now the college -- girls gone wild and you know drunken frat boys but that's -- Moody's has to say and it makes sense for many people.

This is students struggled to figure out how to enter the workforce -- -- -- trying to leave the workforce doesn't seem to have much like either.

Yeah I either have to work until you're seventy that's seems to be the trend that's garnering a lot of attention right now I know that you Diane but we would need a lighting -- Team of surge ends.

More make up then the world has ever seen if we're on -- at the age of 78.

But 200 of the biggest CEOs out there -- members of an influential group called business roundtable.

And there recommending that the age for receiving social security and Medicare gets increased to seventy years -- they have a lot of other recommendations as well.

It's controversial not everyone agrees with them.

But there to sit down with the White House and disgust as snow.

Hope you love your job because you going to be doing -- lot -- and and bacteria.

Lots of people have their work cut out for the metrics are I banks like they've taken immediate direct -- Coming up but the bottom of the -- get a look at the labor market when the government releases weekly jobless claims at 830 -- -- the estimate.

-- for 365000.

Jobs down from three or claims I should say.

Down from 371000.

The prior week we'll also get new data on housing market -- housing starts economists estimate.

Builders broke ground on 890000.

Single homes and apartments last month.

Building permits a sign of future activity are expected to come -- at 903000.

Let's take a look at commodity had a ball that oil and gold still -- of oil up by about fifty cents straighter and 95 dollars about.

Gold is down almost two dollars at 1681 announced.

Coming up this hour Imus is -- B radio talk show host Monica Crowley and now here's the -- -- live on Fox Business.

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Citi Misses Big on 4Q EPS

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