With Corbat at helm, Citi’s profit, revenue rise

It’s been nine months since Mike Corbat was handed the reins of Citigroup and tasked with turning around the struggling banking giant. On Monday, the bank announced second-quarter results that beat Wall Street expectations, earning him praise from analysts who said he is steering the bank in the right direction.

Strong results from investment banking helped Citi’s April-to-June results, and the bank also benefited from setting aside less money for potential bad loans. Profit shot up 26 per cent, after excluding an accounting gain, and revenue rose 8 per cent.

via Business feed http://www.scmp.com/business/banking-finance/article/1283781/corbat-helm-citis-profit-revenue-rise