Citigroup Inc.’s first-quarter profit fell 32% as shrinking loans and poor trading results pressured revenue while expenses surged.
The results highlighted how the third-largest U.S. bank, which teetered on the brink of collapse in the financial crisis, has stabilized but is still struggling to generate real growth.
The results were better than expected, which supported Citigroup’s stock on a day when the U.S. equity market was falling. But like other big banks, the company’s profit came mainly from dipping into money previously set aside to cover bad loans.
Full Story: Citigroup earnings: Citigroup profit falls 32% but still beats estimates – latimes.com