The bulls jumped into Citigroup (C) today after Wall Street icon Vikram Pandit stepped down as the bank’s chief executive officer. Shares of Citigroup soared to a high of $37.40 on the day bolstered by record trading volumes as investors expressed their improving outlook for the banking giant. The rather surprising departure of Pandit came a day after the bank rallied upwards of 5% after reporting better-than-expected quarterly earnings results [see Free 7 Simple & Cheap ETF Portfolios]. On 10/16/2012, Citigroup reported a net income of $468 million, marking a major decline from its previous figure of $3.8 billion in the quarter one year ago. One of the big reasons behind this miss however is the fact that Citigroup has agreed to sell its stake in the Morgan Stanley Smith Barney brokerage unit; excluding the loss on this sale, Citigroup actually posted a profit of $3.27 billion [see also Financials Free ETFdb [...] Click here to read the original article on ETFdb.com. Related Posts: Are Big Banks In Trouble? Three ETFs To Watch Wednesday’s ETF To Watch: KBW Bank Portfolio (KBWB) Three ETFs Crushed By BAC’s 2011 Freefall Friday’s ETF To Watch: KBE Three ETFs To Watch This Week: IYW, XLY, XRT
The bulls jumped into Citigroup (C) today after Wall Street icon Vikram Pandit stepped down as the bank’s chief executive officer. Shares of Citigroup soared to a high of $37.40 on the day bolstered by record trading volumes as investors expressed their improving outlook for the banking giant. The rather surprising departure of Pandit came a day after the bank rallied upwards of 5% after reporting better-than-expected quarterly earnings results [see Free 7 Simple & Cheap ETF Portfolios]. On 10/16/2012, Citigroup reported a net income of $468 million, marking a major decline from its previous figure of $3.8 billion in the quarter one year ago. One of the big reasons behind this miss however is the fact that Citigroup has agreed to sell its stake in the Morgan Stanley Smith Barney brokerage unit; excluding the loss on this sale, Citigroup actually posted a profit of $3.27 billion [see also Financials Free ETFdb [...]
Click here to read the original article on ETFdb.com.
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