Trouble at Home for Citigroup
Updated from 6:40 a.m. EDT
Citigroup's(C Quote) first-quarter earnings rose a modest 4% from a year ago as strong results in investment banking, especially overseas, helped offset a small decline in revenue from its consumer segment.
The company also authorized a $10 billion stock repurchase program. Citigroup shares closed at $48.05 on Thursday, up 3 cents since the start of the year and 11.3 times the 2006 consensus earnings estimate of $4.06 a share.
Citigroup earned $5.64 billion, or $1.12 a share, in the quarter compared with $5.44 billion, or $1.04 a share, a year ago. On a continuing-operations basis, the bank earned $5.55 billion, or $1.11 a share, including a $550 million stock-options expense and a $657 million tax-related gain. ...
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