Citigroup officially opened for business Thursday with a signal to the investment community that its third-quarter earnings were down 53%.

In an unusual and detailed disclosure ahead of an announcement scheduled for later this month, Citigroup said it would probably report net income of $700 million, down from the year-earlier pro forma of $1.5 billion for Citicorp and Travelers Group.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.