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NEW YORK (AP) Citigroup said its earnings fell slightly in the third quarter as lower expenses weren't enough to offset a drop in revenue from its investment banking and consumer businesses.

Net income for the July-to-August period fell to $3.26 billion from $3.27 billion in the same period a year ago after excluding an accounting gain and other one-time items.

The earnings amount to $1.02 per share compared with $1.06 per share last year. Wall Street analysts who follow the stock had predicted earnings of $1.05 for the quarter, according to data provider FactSet.

"While many of the factors which influence our revenue are not within our full control, we certainly can control our costs," Citigroup CEO Michael Corbat said in a prepared statement.

Revenue fell to $18.2 billion compared with $19.2 billion a year ago.

Citi's investment banking revenue fell 10 percent to $839 million in the period, driven by a decline in its debt underwriting business and lower advisory revenues.

The bank said that "significantly lower" mortgage refinancing business in the U.S. contributed to a 7 percent decline in Citi's consumer banking revenue. An increase in interest rates this summer has been causing a drop in the mortgage refinance business at U.S. banks.

Citigroup's stock fell 35 cents, or 0.8 percent, to $49.25 in pre-market trading.