Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved results in investment banking and trading helped to offset red ink from consumer lending and credit cards.
Citigroup Inc reported a smaller-than-expected first-quarter loss for shareholders as cost-cutting and improved investment banking and trading results helped offset red ink from consumer banking and credit cards.
After nearly two years in the financial wilderness, what was once America’s largest bank is making a profit again, reporting its “best overall quarter” since the financial crisis began, with a net income of $1.6 billion for the first three months of 2009, Chief executive Vikram Pandit said in a company report released Friday.
Citigroup Inc said cost-cutting and improved results from investment banking and trading led to a substantially smaller first-quarter loss, despite a big increase in credit costs from consumer banking and credit cards.
Futures for the Dow Jones industrial average, the Nasdaq 100 and the S&P 500 share indexes were down 0.4-0.9 percent Friday, pointing to a lower start on Wall Street.
Citigroup Inc shares surged to a three-month high on Tuesday on expectations of strong quarterly results, one day after Goldman Sachs Group Inc posted surprisingly strong earnings.
More U.S. chief executives got pay raises than had their pay cut in 2008, a year when billions in taxpayer dollars went to prop up struggling companies and millions of workers lost jobs, according to an AFL-CIO survey released on Tuesday.
U.S. banks' first-quarter results will show that losses from credit cards and commercial and real estate loans have not yet peaked, and perhaps dash hopes that the worst of the banking crisis has passed.
U.S. banks' first-quarter results will show that losses from credit cards and commercial and real estate loans have not yet peaked, and perhaps dash hopes that the worst of the banking crisis has passed.
Citigroup is pressing on with its corporate revamp to make the most of its non-core non-bank businesses, announcing that the interim leader for its Citi Holdings unit will stay on.
Citigroup Inc named Michael Corbat permanent chief executive of Citi Holdings, a unit housing the Smith Barney brokerage and a variety of businesses and riskier assets that may be shed.
Citigroup’s chief executive tried to reassure employees about compensation a day after House legislators passed a bill to claw back bonuses for employees earning more than $250,000 at companies which received more than $5 billion in bailout funds.
Citigroup Inc named Chief Financial Officer Gary Crittenden as chairman of troubled banking unit Citi Holdings on Friday, and elevated Edward Kelly to replace him as CFO.
Citigroup Inc on Thursday said it may conduct a reverse stock split as part of an exchange offer that could give U.S. taxpayers a 36 percent stake in the bank.
Bank of America Corp and Citigroup Inc shares have roughly tripled from the multi-decade lows of less than a month ago and powered higher on Wednesday on optimism government efforts to stimulate lending might boost stocks after punishing recent declines.
Bank of America Corp and Citigroup Inc shares have roughly tripled from multi-decade lows set less than a month ago, and powered higher on Wednesday on speculation their recent punishing declines might have been too severe.
