Asia Bizz: US based Citigroup financial services has earned some strong profits this quarter, but it is not as impressive as the institution expected it to be. The revenue of the company almost doubled but it is not enough to cover the losses in the fourth quarter. Share prices dropped considerably low to $4.88, a fall of almost 4.9%.
Analysts have placed the question whether this trend will still continue with Citigroup or will it again force itself down on the basis of profit for the third time. The only region where Citigroup has found lustre is in Asia, and it is mainly from its core business.
In the US on the other hand, the people have remained adamant over their views and hesitated to take in more credit from the company. The US treasury will start selling out the company’s warrants especially after it had tried to bail out citigroup during the onset of the financial crisis. Profit earned by the company accounts to $1.31 billion, compared to $7 billion last year, revenue earned was a massive $18.37 billion.
Source: WSJ
