It's just a fact of life that it's easier and faster to destroy than it is to rebuild. To that end, Citigroup (NYSE:C) has certainly been a frustrating stock to hold this year as the stock had been nearly cut in half before a recent rally. While this huge bank's third quarterearnings continue to point to progress, the reality is that Citigroup is still a long way from normal, and shareholders have to be content with more short-term disappointment if they want to see the long-term value play out.
Decent Third Quarter Results Although analysts had been marking down their expectations, going into this quarter, Citi didn't do too badly. Adjusted core revenue fell 2% on a sequential basis, as modest growth in regional consumer banking (2%) and decent growth in transaction services (7%) was offset by declines in securities and banking 12%. For whatever reason, it helps shareholders, this performance is likely to be the rule for other large banks like Bank of America (NYSE:BAC) (BofA) as well.
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