Citigroup surprised Wall Street Friday with a $4.3 billion profit in the second quarter.
But the results were boosted largely by a $6.7 billion after-tax gain related to the completion of its sale of a majority of its Smith Barney wealth management division to Morgan Stanley, CNNMoney.com reports.
Meanwhile, citigroup reported second-quarter revenue for Citicorp's Regional Consumer Banking fell 17% for North America, 22% for Europe, Middle East and Africa, 23% for Latin America, and 14% for Asia.
Citigroup Inc. swung to a second-quarter profit on a $6.7 billion gain related to the combination of its Smith Barney brokerage operations with those of Morgan Stanley (MS).
The results masked a 7% revenue drop at its securities and investment-banking operations, while deposits rose 6% during the quarter and operating costs dropped 21% as Citigroup continues its effort to streamline its operations long criticized as bloated. Headcount fell 30,000, or 9.7%, during the quarter , Wall Street Journal reports.
At the same time, citigroup Inc. reported a quarterly profit Friday after a huge one-time gain from a joint-venture deal at its Smith Barney brokerage, but absent that gain, business remained a tough slog as the firm's credit costs rose 81% to $12.4 billion , MarketWatch reports.
For the time being, one needs to finish the construction of the section that is 100 kilometres long. On October 17, German Foreign Minister Heiko Maas said in an interview with RND that the project would be completed