Citigroup Swings To 1Q Profit On Fewer Write-Downs

Citigroup Inc. (C) posted its first profit in 18 months, helped by surging results from operations that include its investment-banking business, as the company continued to build its loan-loss reserves and said it cut 13,000 jobs so far this year.

The company also said its proposed preferred-stock conversion won't be launched until the government finishes its industrywide stress tests in the coming weeks.

The news helped push shares up 9.7% premarket to $4.40. The stock has quadrupled in the past month amid a short-squeeze tied to the planned conversion and the potential that Citigroup returned to the black for the quarter.

Read Full Article from Wall Street Journal

- Posted: 2009-04-17 07:48:38

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