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November 10, 2009

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Citigroup profit increases

Monday, July 19, 1999 | 10:41 a.m.

NEW YORK -- Citigroup today reported a 9 percent surge in second-quarter profits as the nation's largest financial services company saw strong growth in its global consumer banking business.

Citigroup, which owns Citibank, Travelers insurance group and the Salomon Smith Barney investment bank, reported net income of $2.45 billion, or 70 cents a share, for the April-June period. That beat Wall Street's estimate of 65 cents a share, according to First Call Corp.

Citigroup earned $2.24 billion, or 63 cents a share, in the second quarter last year.

Citibank has a retail bank network in Las Vegas as well as a credit card call center.

Citigroup, which was created last October by a merger of Citibank and Travelers, has slashed costs and jobs to become more efficient, offering consumers a wide range of products, from simple checking accounts to life insurance and stock brokerage services.

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