UPDATE 2-Tight leash on costs helps Citigroup trump Wall Street view [Reuters]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: Reuters
Tight leash on costs helps Citigroup trump Wall Street view | Reuters Reuters Staff 3 Min Read (Reuters) - Citigroup Inc’s ( C.N ) quarterly profit and revenue beat Wall Street expectations as the bank kept a tight lid on costs, booked a gain from an asset sale and saw strength in equity underwriting. The bank’s trading revenue, despite falling 11 percent, was better than the 15 percent decline Chief Financial Officer John Gerspach forecast three weeks ago. Trading revenue has cast a dark cloud over bank results. Rival JPMorgan Chase & Co ( JPM.N ) said its trading revenue fell 21 percent. Citigroup shares were slightly higher at $75 in pre-market trade, while JPMorgan was up at $97.67. Wall Street banks have seen major declines in market trading activity, which was boosted last year on global macroeconomic uncertainty, especially around Brexit and the U.S. presidential election. The fourth-biggest U.S. bank by assets said on Thursday total revenue rose about 2 percent to $18.17 b
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