Monday, April 15, 2013

Back to red

"Citigroup (C, Fortune 500) reported a 30% jump in first-quarter net income to $3.8 billion, or $1.23 a share, and a 6% increase in revenue, to $20.5 billion, helped by strength in investment banking.

The latest results beat analysts' estimates for both profit and revenue.

For most banks, beating analysts' estimates is nice but not everything. But Citigroup is not most banks. It struggled under former CEO Vikram Pandit to show any traction after a near-death experience during the financial crisis."

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