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Citigroup Reports Higher Earnings — 3rd Update

Provided by
Dow Jones
By Orla McCaffrey
Citigroup Inc. on Thursday reported sharply higher first-quarter profit and said it is shutting down most of its consumer-banking operations in Asia, Europe and the Middle East.
The bank posted a profit of $7.9 billion, or $3.62 a share, well above the $2.60 a share forecast by analysts polled by FactSet. A year earlier, Citigroup had reported a quarterly profit of about $2.5 billion, or $1.05 a share.
Citigroup also said it would exit its consumer operations in 13 countries, mostly across Asia, to focus on wealth management and other businesses.
Jane Fraser, who took over as chief executive officer last month, said in a statement that those consumer banks were excellent businesses, but we don t have the scale we need to compete. She said Citigroup would continue to invest in wealth management and in the businesses that work with corporate clients in Asia. ....

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Xi Jinping's shifting China is compelling investors to run, hide or hire

Xi Jinping's shifting China is compelling investors to run, hide or hire
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Xi Jinping's China Is Compelling Investors To Run, Hide Or Hire

Xi Jinping's China Is Compelling Investors To Run, Hide Or Hire
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Xi's Shifting China Is Compelling Investors to Run, Hide or Hire

Xi's Shifting China Is Compelling Investors to Run, Hide or Hire
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Citi's Punishment of Revlon Lenders Extends to CLOs, Trading

Citi's Punishment of Revlon Lenders Extends to CLOs, Trading
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