Improved Capital Markets Lift Citigroup's 1Q Net, Revenue |
| Wall Street Journal - Apr 16, 2012 |
Citigroup Inc.'s (C) first-quarter profit remained virtually flat from a year earlier at $2.9 billion, but revenue, particularly from equity and debt capital markets operations, improved from the fourth quarter.
In a quarter clouded by a tangle of one-time charges related to the value of Citi's own debt, various divestitures, and a reduction of the reserves set aside for future loan losses, the bank was still able to eke out improvements in all three of its lines of business.
Revenue of $19.4 billion fell 1.6% from a year earlier but rose 13% from the previous quarter.
The results are a relief for Citi, which has struggled with its capital markets operations and reported disappointing results for previous two quarters. But a change in leadership proved fruitful, Chief Financial Officer John Gerspach said during a call with reporters.
"Our equity derivatives performance now is much improved, and we think that is directly related to changes we made in the business," he said. "We feel we've got equities back on track. In fixed income, we've always had a strong franchise and that, once again, showed itself in the first-quarter," particularly in Latin America and Asia.
Read Full Article from Wall Street Journal
- Posted: 2012-04-16 10:57:34
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