Monday, April 19, 2010
Citi wows Street with $4.4 billion profit
The article discusses the surprising results of Citi's performance with a $4.4 billion profit. The results are far above what Wall Street had anticipated. Citi claims that fundamentally, it is a different company from what it was two years ago. This is yet another positive step in the direction of economic stability.
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Good article John. It is interesting though to note that the company has returned to a "sustainable level of growth." 55% yoy is probably not sustainable, but still good to hear considering how much money CITI lost in the previous year. It is also important to point out that a HUGE portion of these profits were caused from high level of trading- where CITI just rakes in fees. I think the volume of activity has far more to do with the profits than the "Fundamentally new company."
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