Citigroup enjoys surge in profits
CITIGROUP, the US banking giant, yesterday saw profits surge 74 per cent to $3.8billion (£2.4billion) for the third quarter to September.
It achieved the better than expected result thanks to a sharp reduction in bad debts and an accounting technicality that allows banks to write back their own debt when it falls in value.
Investment banking revenues fell sharply during the quarter although total salary and bonuses across the whole group rose 2 per cent to $18billion for the first nine months.
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