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Citi to Keep a Card Unit as Profit Rises - WSJ

Citi to Keep a Card Unit as Profit Rises - WSJ - Dow Jones...

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See a sample reprint in PDF format. Order a reprint of this article now EARNINGS OCTOBER 17, 2011, 9:03 A.M. ET Related Reading Ahead of the Tape: Ground Shifts for Goldman, Morgan Stanley Wells Fargo Profit Rises, Revenue Slips Bloomberg News Vikram Pandit By MATTHIAS RIEKER And MIA LAMAR NEW YORK— Citigroup Inc.'s third-quarter earnings rose 68% from a year earlier, lifted by an accounting adjustment and continued strength in the bank's international operations. Citigroup booked a $1.9 billion gain tied to a change in the valuation of its own debt, and continued improvement in losses from soured loans allowed the bank to reduce its loan-loss reserve by $1.4 billion. Even without the accounting gain, Citigroup's $3.74 billion profit exceeded analysts' expectations. Shares were recently up 1.3% in premarket trade to $28.77. Revenue, however, fell 8% from a year earlier, excluding the gain, to $18.9 billion. Consumer spending abroad, particularly in Asia, helped to boost revenue but couldn't offset a hit in revenue from investment
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