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Jul 15, 2011

Citi profit beats forecasts, challenges remain

NEW YORK (Reuters) – Citigroup Inc’s second-quarter profit jumped 24 percent as the bank lost less money than expected on bad U.S. loans.

Credit losses dropped 35 percent at the third-largest U.S. bank, which allowed it to dip into money previously set aside to cover bad loans. The bank’s revenue from securities underwriting and merger advisory jumped 61 percent.

Jul 15, 2011

Citigroup profit jumps 24 percent

NEW YORK (Reuters) – Citigroup Inc’s (C.N: Quote, Profile, Research) second-quarter profit jumped 24 percent as the bank lost less money than expected on bad U.S. loans.

The third-largest U.S. bank made more loans during the quarter than in the first three months of the year, which could signal future income gains if loan growth continues. The bank’s shares were fractionally higher in morning trading.

Jul 15, 2011

Citi profit jumps 24 percent, beats forecasts

NEW YORK, July 15 (Reuters) – Citigroup Inc’s (C.N: Quote, Profile, Research, Stock Buzz)
second-quarter profit jumped 24 percent, beating expectations,
as the bank lost less money on bad loans.

The third-largest U.S. bank by assets said on Friday it
earned $3.34 billion, or $1.09 per share. That compared with a
year-earlier profit of $2.7 billion, or 90 cents per share,
adjusted for a reverse stock split this year.

Jul 15, 2011

Citi has uphill climb to match strong JPM results

NEW YORK, July 15 (Reuters) – When Citigroup Inc
reports second-quarter results on Friday, investors will
scrutinize its loan book for signs that the bank is on a
sustainable path to profit growth.

The stakes for Citigroup were raised on Thursday when
stronger rival JPMorgan Chase & Co said its loan
balances are increasing as it reported a $5.43 billion quarterly
profit.

Jul 8, 2011

WikiLeaks loses Icelandic financial lifeline

NEW YORK/WASHINGTON (Reuters) – WikiLeaks founder Julian Assange has lost a financial lifeline.

Since December bans by the world’s major credit card networks, it has been difficult for supporters of the controversial whistleblower to send him donations. But this week, WikiLeaks gained a brief respite with the unwitting help of an Icelandic bank.

Jul 8, 2011

WikiLeaks partner loses Visa, MasterCard loophole

NEW YORK (Reuters) – A WikiLeaks partner found a new bank to accept Visa and MasterCard donations this week, but the respite from the card networks’ months-long embargo was only temporary, because the bank shut down the payments within hours, two people familiar with the matter told Reuters.

Visa and MasterCard, the world’s two largest card networks, blocked donations to WikiLeaks in December. But on Thursday, WikiLeaks payments provider DataCell said it could start processing donations to Julian Assange’s group again.

Jul 6, 2011

Citi hit Moody’s hurdle in OneMain sale -source

NEW YORK, July 6 (Reuters) – Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) is finding
its consumer finance unit, OneMain Financial, to be a tough
sell.

In recent days, Moody’s Investors Service gave OneMain a
lower preliminary credit rating than what the U.S. bank had
been expecting, making it more expensive to finance a deal,
according to a source familiar with the situation on
Wednesday.

Jul 5, 2011

Banks edging toward loan growth

NEW YORK/CHARLOTTE, North Carolina (Reuters) – Major U.S. banks appear to be finally opening the lending spigot.

Second-quarter earnings reports due this month are likely to reveal a slight reversal of the long-term shrinkage in bank loan books, one of several positive signs for investors, bank analysts said.

Jul 5, 2011

U.S. banks edging toward loan growth

, July 5 (Reuters) – Major U.S.
banks appear to be finally opening the lending spigot.

Second-quarter earnings reports due this month are likely
to reveal a slight reversal of the long-term shrinkage in bank
loan books, one of several positive signs for investors, bank
analysts said.

Jun 30, 2011

U.S. Fed softens the blow of debit fee crackdown

WASHINGTON/NEW YORK (Reuters) – The U.S. financial industry on Wednesday succeeded in blunting a government proposal to sharply cut the billions of dollars banks annually charge retailers to process debit card purchases.

Amid a vigorous lobbying campaign by banks, the Federal Reserve voted to revise its original proposal to almost double the maximum so-called “swipe fee.”