The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Bank earnings: Citi hits the Trifecta

Strong first-quarter results; Government ownership being sold down

Citi’s net income for Q1 2010

On April 19, Citigroup passed a milestone in its restructuring by reporting net income for the first quarter of 2010 of $4.4 billion. That’s the highest profit it has recorded since the second quarter of 2007 when the bank was speeding into the wall of the financial crisis.

"This is an important quarter for us. We’ve come a long way," Citigroup chief executive Vikram Pandit told investors and analysts, a sense of quiet pride clearly detectable in his voice.

The bank benefited from improving credit conditions. It even released amounts from its loss reserves after spending many quarters building them up. Expenses were down. Most eye-catching of all, the FICC and equity trading businesses inside the investment bank produced earnings and revenues to match against industry leaders such as JPMorgan and Goldman Sachs that had fared so much better than Citi through the financial crisis.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree