Citigroup Posts High Earnings

Posted by Admin - December 22nd, 2011

The current recession started in the financial industry and, more specifically, originated in the banking sector. Many major banks either failed or were bailed out in the following weeks–one bank which was hit particularly hard by the recession was Citigroup. In fact, it was hit so hard that many people suspected it would fail. However, that doesn’t seem to be the case at all:

Citigroup delivered its strongest results since the start of the financial crisis, as the banking giant reported a first-quarter profit of $4.4 billion Monday.Earnings for the bank, one of the hardest hit institutions in the financial crisis, easily shattered Wall Street estimates. On a per share basis the company said it earned 15 cents. Analysts polled by Thomson Reuters expected the company to break even for the quarter.

These are incredible earnings for a company that just one year ago was teeetering on the brink.