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Citigroup Earnings Beat on the Top-Line, but Slowdowns Underneath

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CITIGROUP EARNINGS
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Citigroup (C) beat earnings per share estimates, reporting $1.00 a share against the expected 89 cents. Revenue came in at $18.64 billion, falling short of the $19 billion that was expected. The company had $219m (5c) gain through DVA and a 9 cent loss on its sale of Akbank, which were both excluded from their earnings numbers. The company's loan-loss reserve release was $984 million.

Fixed-income revenues dropped sharply, falling from $4.74 billion to $2.82 billion. Equity revenues fell from $902m to $550m while investment banking revenue was about unchanged at $854m. Lending revenues saw a large gain from $56m to $608m.

Shares rose 2% pre-market on the release, but are now down to flat for the day. JPMorgan (JPM), which rose over 6% on a positive earnings release, is down over 3% today.

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POSITION:  No positions in stocks mentioned.
TICKERS:  NYSE:C, NYSE:JPM   

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