Citigroup bounced higher after the New York bank said it beat Wall Street earnings predictions for the quarter after it stripped out a big loss on the sale of its retail brokerage and other one-time charges. Net income was $3.3 billion, or $1.06 per share, beating the 96-cent estimate. Revenue, after the special charges, was $19.4 billion, beating estimates of $18 billion. Without the special charges, net income and revenue were both up. In a statement, chief executive Vikram Pandit was cautious. ‘‘We are managing risk very carefully given global economic conditions so we can continue to grow our businesses safely and soundly,’’ he said.
Citigroup beats Street estimates
By Christina Rexrode| Associated Press October 16, 2012
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