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Citicorp parent says profit jumped 23 percent

Thursday, July 20, 2000 | 11:14 a.m.

THE ASSOCIATED PRESS

NEW YORK -- Citigroup Inc., the biggest U.S. financial-services company, Wednesday said second-quarter earnings rose 23 percent, driven by lending to companies and cost cuts. The parent of Citibank, Travelers Property Casualty Corp. and Salomon Smith Barney Inc. also announced a 4-for-3 stock split.

Profit from operations rose to $3 billion -- almost equal to the combined earnings of Merrill Lynch & Co., Morgan Stanley Dean Witter & Co., and Goldman Sachs Group Inc. That was 87 cents a share, up from 71 cents a year earlier, or $2.45 billion.

Shares of Citigroup, which bought Schroders Plc's investment bank in May to expand in Europe, have outperformed the biggest U.S. banks.

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