April 17, 2009

THANKS, W:

Citigroup's first profit since 2007 makes it three in a row for US banks (Julia Kollewe, 17 April 2009, Guardian)

Citigroup today became the third US bank to report better-than-expected quarterly results, adding to hopes that the worst could be over in the global financial crisis. [...]

Earlier this week, JP Morgan Chase and Goldman Sachs also reported better-than-expected profits, which showed them in ruder financial health than many rivals. JP Morgan made a profit of $2.1bn in the first quarter, while Goldman Sachs enjoyed a 13% surge in quarterly profits to $1.66bn.

Both banks said they were ready to repay the emergency bailout money they received from the government last year.

Michael Holland of the eponymous firm in New York said about Citi's results: "It was slightly better than anticipated, but we probably underestimated how much government support would be a wind at their back."


While the House GOP tried to be the sea anchor that dragged them down.

Posted by Orrin Judd at April 17, 2009 9:15 AM
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