Citigroup shares are currently trading at
$4.02 which is 1.95% lower than Thursday’s closing price of $4.10. The company
shares have 52 week high of $5.43 and 52 week low of $3.11. The sustenance and
resistance levels of Citigroup are $4.02 and $4.24.
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On July 16, 2010, Citigroup reported Q2 2010 net
income of $2.7 billion, on revenues of $22.1 billion, posting a second
consecutive profitable quarter. Revenues declined by $3.4 billion during Q2
2010 and net income was down by $1.7 billion sequentially, due to lower
Securities and Banking & Special Asset Pool revenues. Other core businesses
like Transaction Services with $929 million in net income and QoQ revenue growth
across all international regions showed consistent strength. Citigroup has
common equity of $154.5 billion and $46.2 billion in loan loss reserves. The
expenses were $11.9 billion, up 3% QoQ and included $404 million from the U.K. bonus tax.
Provisions for credit losses and for benefits & claims
declined $2.0 billion QoQ to $6.7 billion, reflecting continued improvement in
credit quality. According to management,
while the market environment lowered revenues in Securities and Banking, credit
improved for the fourth consecutive quarter. Citigroup posted growth
internationally, mainly in Transaction Services and Regional Consumer Banking
divisions in Latin
America
and Asia.
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On July 13, 2010, Citigroup announced that it has
entered into an agreement to transfer the management and certain proprietary
interests in its fund of funds, mezzanine funds, feeder funds and co-investment
businesses (the CPE businesses) to StepStone Group and Lexington Partners. As part
of the agreement, StepStone will provide ongoing management and advisory
services for the CPE businesses. Lexington will acquire a portion of
Citigroup’s proprietary capital investments in various funds. The transaction
is expected to close in Q4 2010.
Citigroup is a diversified financial services company. It
provides a range of financial products and services including consumer banking
and credit, corporate and investment banking, securities brokerage, transaction
services and wealth management. As of December 31, 2009, Citigroup had roughly 200 million
customer accounts with business in more than 140 countries. The company
operates through two business segments including Citicorp, consisting of its
Regional Consumer Banking (RCB) businesses & Institutional Clients Group
(ICG) and Citi Holdings, consisting of its Brokerage and Asset Management
(BAM), Local Consumer Lending (LCL) & Special Asset Pool (SAP).
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