News Summary: Citigroup's 2Q profit, revenue rise

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Associated Press

Posted on July 15, 2013 at 3:05 PM

BY THE NUMBERS: Citigroup Inc.'s second-quarter profit jumped 26 percent and revenue rose 8 percent, after excluding the effect of an accounting charge. The results beat analysts' expectations, sending the stock higher.

AROUND THE WORLD: Analysts asked how the bank would fare given the slowdown in growth of many developing countries, on which Citigroup is heavily reliant. Bank leaders noted that the economies of most developing countries were growing much faster than the U.S. or Europe.

VOLATILE MARKETS: Investment banking profit soared 63 percent. U.S. markets were volatile for parts of the second quarter, which can be unnerving to some, but many investors view volatility as a chance to make profits.

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