Firing A Bunch Of People Really Helped Citi's Bottom Line Last Quarter

Thank you for your sacrifices. Mikey C. and the Citi shareholders will never forget what each and every one of you did for this company the day you packed up your things and left the building forever.

Citigroup Inc. reported first-quarter profit that beat analysts’ estimates, joining big U.S. rivals in slashing costs more than anticipated amid a trading and dealmaking slump. Net income fell 27 percent to $3.5 billion, or $1.10 a share, from $4.77 billion, or $1.51, a year earlier, the company said Friday in a statement. That beat the $1.03 estimate of 24 analysts surveyed by Bloomberg...Corbat has exited consumer banking in more than a dozen countries and jettisoned assets that don’t meet his vision. Earlier this year, the bank also began a round of dismissals said to number in the thousands, with at least 2,000 people leaving. The lender will cut about 70 traders and salespeople in London this month.

Citigroup Beats Estimates as Cost Cuts Mitigate Revenue Drop