TODAY'S PAPER
45° Good Morning
45° Good Morning
Business

Citigroup exiting 11 foreign markets, beats profit estimates

Citigroup Inc. said Tuesday, Oct. 14, 2014, that

Citigroup Inc. said Tuesday, Oct. 14, 2014, that it is pulling out of 11 markets, primarily overseas. This branch is in Philadelphia on Jan. 14, 2014. Credit: AP / Matt Rourke

 Citigroup Inc. says it will exit its retail banking business in 11 markets as part of its ongoing effort to restructure and slim down since the financial crisis.

Citi said Tuesday that the markets impacted would primarily be in Latin America, as well as Egypt, Japan and parts of Eastern Europe. The bank said sales of the businesses are underway in the majority of the markets affected. It expects the sales to be substantially complete by the end of 2015.

By the time the sales are wrapped up, Citi will offer consumer banking in 24 markets.

Meanwhile, Citigroup on Tuesday reported third-quarter net income of $3.44 billion.

The bank, based in Manhattan, said it had earnings of $1.07 per share. Adjusted earnings were $1.15 per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The U.S. bank posted revenue of $19.60 billion in the period, also exceeding Street forecasts. Analysts expected $19.02 billion, according to Zacks.

Citigroup shares have declined 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 1 percent. The stock has risen slightly more than 1 percent in the last 12 months. At midmorning Tuesday, shares were up $1.19 at $51.09.

Comments

We're revamping our Comments section. Learn more and share your input.

More news