Doubts Still Remain About The Future Of Citi
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The firm beat analyst expectations, posting a net profit of $1.6bn. However, as some are pointing out, Citi's profit only occurred due to a $2.7bn boost from adjusting derivative values, and before it pays out a dividend to preferred shareholders (who include the US government).
Having said this, the firm does appear to be in a better state of health than it was 12 months ago, with the rate of credit writedowns slowing, and the investment banking unit returning to profitability (it made a $2.8bn profit in the period). Citi also made good progress in reducing its cost base in the first-quarter, cutting an additional 13,000 jobs from the payroll.
The next big issue facing Citi is how it fares the bank stress tests currently being undertaken on America's largest 19 banks by the Treasury and Federal Reserve. Although it remains unclear exactly what kind of detail the authorities will decide to publish, many feel that, should there be a league table of the most 'stressed', Citi would emerge in first place.
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