Welcome, Guest Login | Signup | Portfolio | Bookmark | Contact
Markets

Symbol Name
Click for Symbol Help




Citigroup profit drops as it writes down brokerage unit

Reuters - Oct 15, 2012

Citigroup Inc made more money from mortgage lending and trading stocks and bonds in the third quarter, but profit dropped after it wrote down the value of its retail brokerage business by $4.7 billion.

The results were better than analysts had expected, and the bank's shares moved up 3.5 percent. A measure of Citigroup's lending profit rose, even as competitors' lending margins fell.

But the write-down of its joint venture with Morgan Stanley, amounting to $2.9 billion after taxes, reflects the bank's lingering difficulties from the financial crisis.

Chief Executive Vikram Pandit is reshaping the bank to focus on commercial and investment banking, retail banking for relatively wealthy customers globally, and transaction processing. But the bank's Citi Holdings unit, which houses businesses and assets the bank is looking to shed, continues to lose money -- $3.56 billion in the latest quarter, compared with a loss of $1.22 billion a year earlier.

Read Full Article from Reuters

- Posted: 2012-10-15 12:37:34


 More Stock Investor Place Company News  
Alibaba's Jack Ma Is Moving On, With an IPO Looming
Pfizer’s Possible Unit Shuffle Triggers Breakup Concern
Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down
Dell Shares Surge After Report of Possible Buyout
ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

 Stock Investor Place Company News Archive
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008















Featured Companies | My Place | News | Markets | Big Board | Blogs | Products & Services

Copyright 2024 Stock Investor Place Inc. All Rights Reserved.
Disclaimer - Terms of Use - Privacy Policy - Advertise