The best thing that might be said about Citigroup's (NYSE:C) second quarter is that expectations for large banks had turned so sour going into July that it did not take much for this still-struggling bank to produce a little relief with its results. The problem with Citi is the same as it has been for a while - the bank is going to need time to heal. That means near-term momentum will be lacking, but the long-term prospects suggest there is some value here.
A Morass of Numbers for Q2
It would be easy to write at great length about the various parts of Citi and how they performed this quarter. In lieu of that, here is a quick summary of some of the most salient takeaways. First, while total company revenue was up 5% sequentially (and down 7% from last year), the parts of the business that management intends to keep saw revenue fall 1% on both a sequential and annual comparison.
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