Here comes Citi ...

REUTERS/Ueslei Marcelino

Citigroup is set to report fourth-quarter earnings results Monday at around 8 am.

Analysts are expecting the bank to report adjusted earnings per share of $1.55, up 29% from last year.

• Revenue: $17.6 billion, up 1.8% from last year.
• Adjusted net income: $3.7 billion, up 4.3% from last year.
• Trading: Equities performance has been strong, but overall trading is expected to take a dip amid the market route at the end of the year, and loss of as much as $180 million on a loan to an Asian hedge fund.
• Investment banking: CFO John Gerspach also guided in December that investment banking fees would likely dip slightly compared with last year.
• Efficiency target: Given the trading and banking woes, Gerspach said Citi may fall short of its operating efficiency target of a 100 basis point improvement.
• ValueAct: Citi announced on Friday an agreement to provide more intel and board access to the activist hedge fund. Are more management changes afoot?

Citi isn't the only bank expecting some ugly numbers.

The worst December stock-market performance since the Great Depression has big banks - whose shares fell 18% during the last quarter - bracing for more pain. Analysts at Keefe, Bruyette, and Wood have predicted an 18% overall drop in investment banking fees, primarily in underwriting, and a 2.6% drop in trading, mostly in fixed income, currencies, and commodities, in the fourth quarter.