Citigroup, Profit | featured news

Citigroup Inc reported a higher-than-expected 31 percent rise in first-quarter profit on Monday as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.

Citigroup Inc said quarterly profit plunged on a $4.7 billion write-down of its stake in a brokerage operated by Morgan Stanley, but mortgage lending increased and capital markets results rebounded.

Citigroup posted second-quarter earnings of $2.7 billion Friday, marking its second consecutive profit and beating Wall Street expectations, thanks to improving credit ...

Citigroup Inc, one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.