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  1. Wealth
July 20, 2009

WBrief: Citigroup PB’s revenues down by 20%

By Spear's

Citigroup reported a $4.3 billion profit for the period ended 30 June 2009, boosted by a $6.7 billion after-tax gain due to the sale of Smith Barney.

From Wealth Briefing:

Citigroup reported a $4.3 billion profit for the period ended 30 June 2009, boosted by a $6.7 billion after-tax gain due to the sale of Smith Barney.

Citi’s second quarter revenues were $30 billion – up $12.4 billion from the second quarter of 2008 – including an $11.1 billion pre-tax ($6.7 billion post-tax) gain associated with the Morgan Stanley Smith Barney joint venture transaction, which closed on 1 June this year.

Citi’s private banking revenues were down 20 per cent to $477 million compared to the same three-month period of last year, on lower assets under management, decreased investment sales and lower average lending volumes, partially offset by wider lending margins, the bank said in its statement.

Similarly, investment banking revenues have dropped by 13 per cent from the second quarter of 2008 to $1.2 billion.

To read the full article, visit wealthbriefing.com

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