Citigroup Earnings Up 74 Percent
- 10/17/11 at 09:14 AM
The bank that received some $476.2 billion in cash and guarantees during the bailout — the most of all recipients — is doing okay for themselves again. Thee years later, third quarter profits total $3.8 billion, up 74 percent, making for a seventh-straight profitable quarter. Poor performances on the investment banking side, as well as big losses in domestic mortgages, kept revenue flat at $20.8 billion, but a paper gain of almost $2 billion makes earnings look all right. CEO Vikram Pandit said, “Citi continues to navigate a challenging economic environment and delivered another quarter of solid operating results.” We hear they’ve also helped inspire a protest.