Citigroup Inc said on Friday that cost-cutting efforts and improved investment banking and trading results led to a substantially smaller first-quarter loss for shareholders, despite a big increase in credit costs from consumer banking and credit cards.
Citigroup's quarterly loss narrowed to $966 million, or 18 cents per share, from $5.19 billion, or $1.03, a year earlier. According to Reuters Estimates, the loss was 12 cents per share before one-time items. On that basis, analysts had expected a loss of 30 cents per share
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