Finance

Citigroup's Profit Fell Amid Slowdown in Trading

Citigroup's Profit Fell Amid Slowdown in Trading

The New York City-based banking giant reported Q2 earnings per share (EPS) of $1.28, which was $0.07 better than the Wall Street consensus estimate of $1.21. Last month, Chief Financial Officer John Gerspach predicted trading revenue would be down by 12% to 13% from a year ago.

Citigroup Inc (NYSE:C) early Friday posted market-beating Q2 profit and revenues, despite a drop in operating income linked to higher expenses and taxes.

The bank's investment and trading operations had a better quarter. "We are clearly on course to increase both the return on capital and return of capital for our shareholders". The bank promptly said it will double its dividend and buy up to $15.6 billion in shares.

Bank stocks, which have rallied strongly in recent weeks, ran out of gas on Friday.

Trump Oval Office Prayer Photo Draws Mixed Reactions
Though raised Presbyterian, Trump is not now affiliated with a church, nor does he attend worship services most Sundays. The vice president was the one who summoned them, Floyd said in a telephone interview Wednesday.

Citigroup suffered a drop in revenues from both equities and fixed income trading in the second quarter, but a record performance in investment banking helped offset the fall. Non-interest costs rose 1 percent to $10.5 billion, compared with analysts' $10.2 billion estimate.

That helped the institutional clients group post a slight year-on-year rise in net profits, despite the trading declines. Citigroup's revenue from investment banking climbed faster than at JPMorgan, where it rose 14 percent.

In the consumer bank, led by Stephen Bird, revenue rose 5 percent to $8.04 billion.

Citi's global consumer banking division earned $1.13 billion, down 12 percent from a year earlier.


  • Warner: Committee requests more records from Kushner, Trump Jr

    Warner: Committee requests more records from Kushner, Trump Jr

    I said - I may not have said it this way - at least you got to tell us that there has been no discussion of pardons at this point. While the committee has not confirmed that they have invited or plan to invite Trump Jr.to testify, Sen.
    Vertu manufacturing arm faces liquidation after rescue bid fails

    Vertu manufacturing arm faces liquidation after rescue bid fails

    This has resulted in the shutting down of the United Kingdom manufacturing wing, leading to laying off of around 200 employees. Vertu, with its precious metals and fine, hand-cut leather was supposed to maintain its luxury lead for decades.
    Hot weather, high humidity, thunderstorms

    Hot weather, high humidity, thunderstorms

    Wyandotte County saw some morning thunderstorms and rain on Thursday , with most of the storm activity to the north of the region. The chance of showers Saturday is slight, and Sunday will be mostly sunny, with a high in the mid-80s, the service said.
  • Samsung Galaxy Note 8 getoond

    Samsung Galaxy Note 8 getoond

    Nadat vorige maand de Galaxy J5 (2017 ) uitgebracht werd in ons land is het vandaag de beurt aan de Samsung Galaxy J7 (2017). In een tweet van Samsung Exynos zien we een Exynos 9 chip op een flink grote smartphone liggen.
    Microsoft announces partnership with BMW to put Skype in your auto

    Microsoft announces partnership with BMW to put Skype in your auto

    Now, the companies want busy, BMW-owning executives to never miss another conference call or Skype meeting due to traffic jams. From autumn 2017, BMW drivers will also enjoy the benefits of Microsoft's unified communication solution Skype for Business.
    NY  teams remain among the most valuable sports franchises

    NY teams remain among the most valuable sports franchises

    The Red Devils were valued at $3.69 billion by the American business magazine ahead of Barcelona and Real Madrid . Next are three soccer clubs: Manchester United ($3.69 billion), Barcelona ($3.64) and Real Madrid ($3.58).
  • Rui è il secondo colpo del Napoli

    Rui è il secondo colpo del Napoli

    Il terzino sinistro permetterà a Ghoulam di rifiatare. "Contento di ritrovare Sarri , sono motivato e ho voglia di riscattarmi". Il 26enne ha collezionato la scorsa stagione in giallorosso complessivamente nove presenze, di cui due in UEFA Europa League.
    The Wells Fargo & Company (WFC) Position Lowered by Access Financial Services Inc

    The Wells Fargo & Company (WFC) Position Lowered by Access Financial Services Inc

    New Jersey-based Pinnacle Wealth Mgmt Advisory Ltd Limited Liability Company has invested 1.21% in Wells Fargo & Co (NYSE: WFC ). In related news, Director Ronald Sargent acquired 9,050 shares of the company's stock in a transaction dated Friday, May 5th.
    Singapore Warehouse Giant Sells to Chinese Bidder for Record US$11.6 Billion

    Singapore Warehouse Giant Sells to Chinese Bidder for Record US$11.6 Billion

    GLP's customers include Walmart ( WMT ), Unilever (UL), JD.com (JD), Adidas ( ADDYY ), Estee Lauder (EL) and L'Oreal ( LRLCY ). GLP says it is the biggest owner of warehouses in numerous world's most important markets, including China, Japan and Brazil.
  • Vanguard appoints new CEO

    Vanguard appoints new CEO

    Under McNabb, Vanguard more than tripled in size as investors embraced the low-priced index funds for which it is best known.

    'Game of Thrones': The 5 Highest-Rated Episodes… So Far

    It's the last season, and it's going to go wrong.' My mates are like, 'It's you-you [and Daenerys] are one and the same now. As far as he knows, he's still the illegitimate child of Ned Stark and some southern woman somewhere.
    'Keystone Cops Collusion': Krauthammer Blasts White House Over Donald Trump Jr

    'Keystone Cops Collusion': Krauthammer Blasts White House Over Donald Trump Jr

    Took a meeting with a lawyer from Russian Federation , it lasted for a very short period and nothing came of the meeting. Trump is continuing to downplay the issue, saying that "nothing happened" as a result of the meeting.