{"id":381170,"date":"2011-04-18T13:20:57","date_gmt":"2011-04-18T13:20:57","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/18\/slow-business-hits-citi-profits\/"},"modified":"2011-04-18T13:20:57","modified_gmt":"2011-04-18T13:20:57","slug":"slow-business-hits-citi-profits","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/","title":{"rendered":"Slow business hits Citi profits"},"content":{"rendered":"<p><div readability=\"49.8202416918\"><span><span>18 April 2011<\/span> <span>Last updated at<\/span> <span>09:20 ET<\/span><\/span><\/p>\n<p>Citigroup&#8217;s net earnings for the first three months of the year have fallen to $3bn (\u00a31.8bn), down 32% from a year ago.<\/p>\n<p>The result was sapped by falling revenues, down 22%, with the firm&#8217;s investment bank hardest hit.<\/p>\n<p>New lending remained weak, as the government-rescued bank struggled to shrink a balance sheet that was bloated during last decade&#8217;s credit boom.<\/p>\n<p>But the US banking giant&#8217;s bad debt position improved during the quarter.<\/p>\n<p>The $3.2bn it set aside to cover potential future losses on new lending was down 63% from a year earlier.<\/p>\n<p>The bank was also confident enough to release $3.3bn from its reserves against existing questionable debts it owns.<\/p>\n<p>That was in sharp contrast with rival Bank of America, whose first quarter results were hit by an unexpected rise in bad debts at its mortgage lending business.<\/p>\n<p>&#8220;[The Citigroup results] show the healing process has begun, but it continues to be slow across the industry,&#8221; said Michael Holland of brokerage Holland &#038; Co.<\/p>\n<\/div>\n<p>Read more here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-13119165\" title=\"Slow business hits Citi profits\" rel=\"noopener noreferrer\">Slow business hits Citi profits<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 18 April 2011 Last updated at 09:20 ET Citigroup&#8217;s net earnings for the first three months of the year have fallen to $3bn (\u00a31.8bn), down 32% from a year ago. The result was sapped by falling revenues, down 22%, with the firm&#8217;s investment bank hardest hit. New lending remained weak, as the government-rescued bank struggled to shrink a balance sheet that was bloated during last decade&#8217;s credit boom. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381170","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Slow business hits Citi profits - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Slow business hits Citi profits - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"18 April 2011 Last updated at 09:20 ET Citigroup&#039;s net earnings for the first three months of the year have fallen to $3bn (\u00a31.8bn), down 32% from a year ago. The result was sapped by falling revenues, down 22%, with the firm&#039;s investment bank hardest hit. New lending remained weak, as the government-rescued bank struggled to shrink a balance sheet that was bloated during last decade&#039;s credit boom.\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Slow business hits Citi profits\",\"datePublished\":\"2011-04-18T13:20:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/\"},\"wordCount\":182,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/\",\"name\":\"Slow business hits Citi profits - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"datePublished\":\"2011-04-18T13:20:57+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Slow business hits Citi profits - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/04\/18\/slow-business-hits-citi-profits\/","twitter_card":"summary_large_image","twitter_title":"Slow business hits Citi profits - Ghanamma.com","twitter_description":"18 April 2011 Last updated at 09:20 ET Citigroup's net earnings for the first three months of the year have fallen to $3bn (\u00a31.8bn), down 32% from a year ago. The result was sapped by falling revenues, down 22%, with the firm's investment bank hardest hit. 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