Citigroup's Results Climb, Buoyed by Consumer Bank

Thomson Reuters Citigroup handily beat analyst estimates Thursday reporting third-quarter earnings of $1.42 per share a nearly 8% beat

Thomson Reuters Citigroup handily beat analyst estimates Thursday reporting third-quarter earnings of $1.42 per share a nearly 8% beat

Citigroup's investment bank was the driver of the bank's profit growth in the quarter, despite a notable drop in bond trading revenue.

Wall Street banks have seen major declines in bond trading activity, which was boosted a year ago on global macroeconomic uncertainty, especially around Brexit and the USA presidential election.

Citi's consumer banking division reported a 6 percent drop in profits in the quarter, to $1.17 billion, as the bank saw higher credit costs.

Russian Federation reportedly used Pokémon Go to meddle in USA election
This "contest" required people to take screen shots from their phone and share over other social networks, not within our game. According to CNN, there were 470 Facebook accounts linked to the Internet Research Agency.

Also in ICG, in the closely-watched Markets and Securities Services unit, revenues rose 3% to $4.6bn, with improved sales at its Securities Services arm and the proceeds from the sale of a fixed income analytics unit more than compensating for lower Markets revenues. At $1.42 a share, earnings topped the consensus estimate of Wall Street analysts of $1.32 a share. Citi's drop in bond trading revenue is similar to what JPMorgan Chase reported on Thursday as well.

Wall Street has ramped up credit card lending amid a slump in bond trading, once a growth engine for many banks, but the higher provisions for bad debts fueled worries about the future profitability of an already costly business and sent shares in both banks lower. He said, in the end, September was better than anticipated.

Shares in Citigroup Inc.

Samsung Electronics CEO Oh-Hyun Kwon announces retirement
Industry watchers, meanwhile, said the absence of Samsung's top leaders cast a cloud over the company's long-term strategy. Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong.

Executives maintained earlier guidance for full-year net interest income, expenses, charge-offs and loan growth, indicating that they expect JPMorgan's other businesses to continue to offset capital markets pain.

FILE PHOTO - Citigroup CEO Michael Corbat (C) chats with Thomson Reuters CEO Jim Smith and his wife Pam Kushmerick at the Thomson Reuters reception prior to the White House Correspondents' Association Gala in Washington, DC, U.S. on April 27, 2013.

Citigroup said it earned $4.13 billion, or $1.42 per share, compared with a profit of $3.84 billion, or $1.24 per share, in the same period a year earlier.

Loot Box Systems Are Not Gambling, Says ESRB
That said, it is still a controversial issue and I doubt this is the last we will hear of it. Love them or hate them, developers are embracing them as another way to generate revenue.

Hopes are fading that U.S. President Donald Trump will be able to stimulate bond trading activity and boost demand for loans through a yet-to-materialize tax overhaul and loosening in financial regulations.

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