Citigroup reported net income for the third quarter 2013 of $3.2 billion on revenues of $17.9 billion. This compared to net income of $468 million on revenues of $13.7 billion for the third quarter 2012. Third quarter 2012 results included a pre-tax loss of $4.7 billion ($2.9 billion after-tax) related to the Morgan Stanley Smith Barney joint venture (MSSB).

Michael Corbat, chief executive officer of Citi, said, “We performed relatively well in this challenging, uneven macro environment. While many of the factors which influence our revenues are not within our full control, we certainly can control our costs, and I am pleased with our expense discipline and improved efficiency year-to-date.”

Corbat added, “We also continued to reduce the size of Citi Holdings, now 6% of our balance sheet, and its drag on our earnings during the quarter.” Citi Holdings assets at the end of the third quarter of $122 billion, declined $49 billion, or 29%, from the third quarter 2012 and now represent approximately 6% of total Citigroup assets.

To read the Citigroup news release click here.