Citigroup (NYSE:C) in Big Miss, Shares Plummet

Citigroup Inc. (NYSE:C) didn't have good news for shareholders as the giant bank missed analysts' estimation by half, generating 4 cents a share rather than the 8 cents a share the Street was looking for. Shares were down over 5.5 percent in response to the miss.

Vikram Pandit, Chief Executive Officer of Citigroup, attempted to salvage the disappointing quarter, saying, “2010 was a year full of milestones and was critical for the turnaround of this institution. Our goal was to achieve consistent profitability and I am very pleased that with our fourth consecutive profitable quarter, we earned $10.6 billion for the year. We have the right strategy for our company’s present and future and are executing it with discipline."

Citigroup also missed revenue estimates, generating $18.37 billion, down from the $20.45 billion the Street projected. It was still a major improvement over last year's results by $5.4 billion.

Citigroup was trading at $4.86, losing 0.28, or 5.36 percent, as of 11:18 AM EST.