Citigroup – Surprise Surprise Surprise
Citigroup (NYSE: C) has suprised investors with their announcement of $4.3 billion in earnings for the second quarter. Anaylists had been expecting a huge loss, but Citigroup ending up selling its Smith Barney wealth management division for $6.3 billion to Morgan Stanley (NYSE: ME). The company said it earned 49 cents per share for the quarter.
Analysts had been expecting a profit of $1.07 billion, or 37 cents a share.
Citigroup CEO Vikram Pandit was pleased as punch with the company’s performance.
“Sustainable profitability remains our primary goal,” he said.
Shares were up by 2% in early trading.