LONG AND SHORT OF IT: Citi's revenue fell 6% year over year, but CEO Michael Corbat foresees "revenue uplift" in the second half because some core banking measures and operating units have strengthened. Citi is "still committed" to its efficiency ratio targets despite the weaker revenues, CFO John Gerspach says.
Citigroup issued quarterly results that pleased the market by simply not being as bad as they could have been. Yes, Citi spent $7 billion to settle a mortgage securities probe, and there are still more legal costs coming. But some segments strengthened, suggesting Citi may have hit bottom and has nowhere to go but up.
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