Citigroup Reports Massive Gains
US financial firm Citigroup recently reported its massive profit growth for the month of January and February, saying that it has garnered the best quarter-to-quarter increase after its last $2.2 billion earnings two years ago.
For the past five quarters, the company experienced massive losses amounting to $37.5 billion.
US financial firm Citigroup announced massive profit gains for the month of January and February, a result which experts attributed to the billion-dollar worth of financial aid the company received from the federal government.
According to a Citigroup official, the company was profitable in the first two months of the present year, a good indication that it is now rebuilding itself after its continuous losses for the past five quarters amounting to more than $37.5 billion.
The last earning of Citigroup was two years ago, with $2.2 billion in July to September period, after this, the company posted five straight quarterly losses. With its finances trembling from unprecedented losses, Citigroup has already received three bailout aids from the federal government, the last one is worth $25 billion.
Despite this uplifting news in the banking sector, global economy remains gloomy as the International Monetary Fund (IMF) warn people that they will experience the worst economic performance, adding the world is still under the “Great Depression”.
Most industrialized nations or G20 are in economic recession, with Japan, UK, France, and Germany trembling from the impact of financial crisis which first started in the US when its housing industry collapsed causing domino-effect to economies abroad.
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