Thursday, April 23, 2009

Citigroup is making money ... sort of?

This from way back on April 17th. Just stuff I never got to post.

The first headline of Citigroup (one of the ailing banks that received big bailout funds) boast best quarter since 2007. Woohoo, little excite. That's good news. Then comes another report that they posted losses? Since, I am not financially savvy (so obvious lol when you take into consideration my current financial situation) this had me scratching my head. But the third article clarified. It is a little bit of both. The company is in the black; however they loss on the share price. This is still promising stuff people. I doubt things will get better over night but this is a good sign.

Citigroup Has Its Best Quarter Since Early 2007
By THE NEW YORK TIMES Citigroup became the latest bank to post better than expected results for its first quarter. The bank on Friday said net income of $1.6 billion, compared with a loss of $5.11 billion in the quarter a year ago. At the same time, ...

Citigroup posts loss, delays exchange offer
NEW YORK, April 17 (Reuters) - Citigroup Inc (CN) posted a first-quarter loss on Friday, reflecting a large amount of credit losses and the accounting for preferred stock. The bank also said it planned to delay the proposed exchange of billions of ...

Citi delivers profit surprise -- kind of
The troubled banking giant earned $1.6 billion in the first quarter, but still reported a per share loss due to an accounting change.

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