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Citigroup profit rises 42% above expected

on July 22 | in All, Economy | by | with No Comments

Capital gains from share trading profit of Citigroup improve in 42% in the second quarter.

Citigroup profit rose 42% to 4.18 billion, or $ 1.34 per share, between April and June this year, a result that compares with the 2.95 billion dollars, or $ 0.95 / action, in the same period last year. Excluding adjustments, profit was $ 1.25 per share, above the $ 1.18 expected by analysts surveyed by Bloomberg.

The profit boost were the revenues from the share trading, which rose 68% last year to 942 million euros.

Since Michael Corbat took over as CEO in October last year, the third-largest U.S. bank has fired thousands of workers, reducing some of the businesses in some countries, in an attempt to reduce costs.

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