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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.

    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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