Citigroup (C) reported a $5.1 billion ($1.05 per share) loss, missing conensus of -$0.95. Revenue, however, came in above estimates, at $13.22 billion vs. estimates of $11.1 billion, but down 50% Y/Y. $12.1 billion in additional writedowns, half of which were related to subprime exposure, actually beat expectations (what is the world coming to? Citi also struggled with higher consumer credit costs and troubling results from its fixed-income business. CEO Pandit:
As we move into the second quarter and beyond, we will continue to divest non-strategic assets and allocate capital to the products and regions that will drive increased revenues, enhance the value of our franchise, and ultimately, maximise shareholder value.
The takeaway seems to be that the worst may be over, and Citi is rallying in early morning trading.
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