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Citi Profit Falls but Tops Estimates; Shares Move Higher
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Citigroup reported quarterly earnings that beat analysts’ expectations on Monday, sending shares higher in premarket trading.
Citigroup is the third major bank to report earnings in what is forecast to be one of the worst quarterly seasons for companies since late 2009. JPMorgan Chase [JPM 41.62
-0.48 (-1.14%)
] beat earnings and revenue forecasts, butWells Fargo’s [WFC 34.25
-0.93 (-2.64%)
] light revenue disappointed investors.
Both early reports have sparked concern over tightening profit margins for the country’s biggest banks.
CitiVisa Guy