Citigroup: earnings down 4% as corporate unit slows.
(CercleFinance.com) - Citigroup said on Friday that its second-quarter earnings fell by 4%, as the US bank generated less money from its corporate banking division.
Second-quarter earnings fell to 3.9 billion dollars, or 1.28 dollar a share, down from 4 billion dollars, or 1.24 dollar a share, a year earlier.
Revenue rose 2% to 17.9 billion dollars, while expenses increased by 1% to 10.5 billion dollars.
Citigroup said its corporate division's revenues decreased 45% from the previous year, reflecting the wind-down of legacy assets, divestiture activity and the absence of gains related to debt buybacks in the previous year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Second-quarter earnings fell to 3.9 billion dollars, or 1.28 dollar a share, down from 4 billion dollars, or 1.24 dollar a share, a year earlier.
Revenue rose 2% to 17.9 billion dollars, while expenses increased by 1% to 10.5 billion dollars.
Citigroup said its corporate division's revenues decreased 45% from the previous year, reflecting the wind-down of legacy assets, divestiture activity and the absence of gains related to debt buybacks in the previous year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.