Citigroup's net income increased to $3.6 billion in the fourth quarter 2016, primarily driven by the lower operating expenses and cost of credit, partially offset by lower revenues. Citigroup's effective tax rate was 30% in the current quarter compared to 29% in the fourth quarter 2015.
Mercosur, or the Southern Common Market, is a customs union between Brazil, Argentina, Uruguay and Paraguay. It was originally set up in 1991. Bolivia, Chile, Colombia, Ecuador and Peru have associate member status. Bolivia may be incorporated as a full member soon.
CusÂ­tomer retenÂ­tion is a cost-effective and profÂ­itable busiÂ­ness stratÂ­egy that is imperÂ­aÂ­tive in today's comÂ­petÂ­iÂ­tive ecoÂ­nomic environment.