This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-36807092

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Citigroup quarterly profits slide Citigroup quarterly profits slide
(about 1 hour later)
Citigroup's profits fell in the second quarter because of weakness at its consumer banking business.Citigroup's profits fell in the second quarter because of weakness at its consumer banking business.
The 14% fall in net income to $4bn (£3bn) was not as bad as feared. In June, chief executive Michael Corbat warned of a 25% fall in net income.The 14% fall in net income to $4bn (£3bn) was not as bad as feared. In June, chief executive Michael Corbat warned of a 25% fall in net income.
Consumer banking in North America had a weak quarter. Net income fell 22%, hit by falling sales and higher costs.Consumer banking in North America had a weak quarter. Net income fell 22%, hit by falling sales and higher costs.
But its trading operations were strong in the April-to-June period, with a 10% increase in revenue to $4.7bn.But its trading operations were strong in the April-to-June period, with a 10% increase in revenue to $4.7bn.
"These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution," said Mr Corbat in a statement accompanying the results. In particular, the bank's bond trading business did well, reporting a 14% increase in revenue to $3.5bn.
Citigroup attributed the rise to more activity from its big clients.
However, banking analyst Christopher Wheeler from Atlantic Securities believes that business saw a boost in trading activity following the UK's vote to leave the European Union.
'Volatile environment'
In a statement accompanying the results, Mr Corbat said: "These results demonstrate our ability to generate solid earnings in a challenging and volatile environment, again highlighting the resilience of our institution."
Rival banking giant Wells Fargo reported a 3.5% fall in quarterly net income to $5.17bn, which was in line with market expectations.Rival banking giant Wells Fargo reported a 3.5% fall in quarterly net income to $5.17bn, which was in line with market expectations.
Wells Fargo profits were hit by the company making extra provisions for loans going bad.Wells Fargo profits were hit by the company making extra provisions for loans going bad.