Business

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Citigroup beats Street estimates

Citigroup chief Vikram Pandit has been selling off units of the bank he sees as nonessential.

Brendan McDermid/Reuters/File

Citigroup chief Vikram Pandit has been selling off units of the bank he sees as nonessential.

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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.

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