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Costs are down: Citigroup reports highest quarterly profit in nearly eight years

Apr 17, 2015    

Citigroup reported its highest quarterly profit in nearly eight years as costs plunged, showing that the bank's efforts to streamline its business may be starting to pay off.Citi has been slowly getting its house in order by cutting costs and shedding assets that are not critical to its main businesses. It has sold retail operations in many countries and shrunk its US branch network.Shares of the third biggest US bank by assets rose 2.3% to $54.45 on Thursday.Citi's operating expenses fell 10% to $10.88 billion in the first quarter ended March 31 as it spent less on employee compensation and a...

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