When prices swoon on Wall Street, traders have a clever saying: “The market’s up a little lower.”
You could say the same for Citigroup Inc.’s earnings Monday.
While widely hailed as a “strong” and “better than expected” showing by the nation’s third-largest bank, this characterization leaves a lot to be desired, as the bank’s earnings plummeted 96 percent in the second quarter, substantially eroded by a $7 billion U.S. Department of Justice settlement, also announced Monday.
Even without the settlement, these earnings were lackluster at best.
Citi’s earnings came in at $181 million, or 3 cents a share – far below the $1.34 a …read more