Citigroup Produced Lowest Revenues Since 2002
Citigroup produced its lowest second quarter revenues for the first time in at least 14 years. The bank generated revenues of $17.5 billion between April and June 2016, down 8% from the same period a year ago. This was the lowest second quarter figure since 2002, according to S&P Capital IQ data.
“The bank generated revenues of $17.5 billion between April and June, down 8% from the same period a year ago.”
Citigroup chief executive has tried to make the bank narrower in focus by disposing assets around the world and cutting costs. Citigroup has slipped behind Wells Fargo in size, and it is now the fourth largest bank of assets.
Related Reports: Financial Times
About Citigroup Inc
Citigroup, Inc. is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. The company operates through two segments: Citicorp, consisting of Citi’s Global Consumer Banking businesses and Institutional Clients Group; and Citi Holdings, consisting of Brokerage and Asset Management, Local Consumer Lending and Special Asset Pool.
About Wells Fargo
In 1852, Henry Wells and William Fargo founded Wells, Fargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).
Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.
Visit: Wells Fargo
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