Newspaper article St Louis Post-Dispatch (MO)

Profits Fall at Citigroup, Rise at Wells Fargo

Newspaper article St Louis Post-Dispatch (MO)

Profits Fall at Citigroup, Rise at Wells Fargo

Article excerpt

NEW YORK * Citigroup's second-quarter profit fell 3 percent as the bank had to set aside more money to cover souring loans, while competitor Wells Fargo got a profit boost from rising interest rates.

New York-based Citigroup's profit of $1.28 per share still beat analysts' forecast of $1.21 a share, according to FactSet.

Like rivals JPMorgan Chase and Wells Fargo, Citigroup saw a sizable increase in interest income. The Federal Reserve has been steadily raising interest rates, which has allowed banks to charge more to borrow. Citi's net interest revenue rose 6 percent to $11.17 billion.

At the same time, Citi had to write off more bad loans in the quarter, mostly in credit cards. Citigroup has been expanding its credit card business, similar to its rivals.

Citi's investment and trading operations had a better quarter. …

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