We were warned already that happy hour will be abuzz with talk of earnings reports from some of the country’s biggest banks and companies, but we didn’t realize the buzz would reach a fever pitch before lunch. Citigroup released its earnings reports from the third quarter—and the news continues to be good.
Citigroup Made A Profit
In fact, the bank called “a poster child for all that went wrong in the financial system” came out with $2.2 billion this quarter, pulling a profit for the third straight quarter, and the news bodes well for our Citi Cards. The New York Times attributes the bank’s upward swing to the progress of their chief executive. From the Times:
Since taking the helm of Citigroup in December 2007, Mr. Pandit has attempted to streamline the company’s sprawling operations and transform it into a global bank, catering to multinational and high net-worth customers.
He has shaken up the company’s management, shored up its finances and shed billions dollars of toxic real estate assets and other troubled businesses.
Over all, Mr. Pandit has made solid progress over the last few months, nearly halving the bank’s pile of troubled assets and non-core businesses.
Let’s Hope It’s A Trend
After last week's good news from JPMorgan Chase, we’ll just pop on those rose-colored glasses and decide that a Monday morning peppered with more good news about the economy—can you believe it?—means the rest of the week will bring continual tidings of profits, stabilizing banks, and crossed fingers. If nothing else, it will bring a few great happy hours.
Tell us in the comments: Do you think the banks are recovering?