In terms of financial performance of their respective firms, Vikram Pandit the CEO of Citigoup Inc (NYSE: C) has been a goat for the last two years and Lloyd Blankfein has been a hero. Today, the tables turned. Bank of America (NYSE: BAC) and JPMorgan (NYSE: JPM) turned in good quarterly results when they reported earnings last week. Today, Citi produced spectacular numbers, making $4.4 billion, its best performance in three years. Big bank profits are back.
The Citigroup numbers show that the money center and investment banks have returned to making huge sums on investment banking. Citi’s numbers were helped by a $865 million improvement in the value of its toxic asset pool. I-banking had revenue of $8 billion.
Goldman Sachs reports earnings tomorrow. The Citi numbers are an indications that Goldman will have another impressive quarter. That means the SEC investigation matters less, at least a little.
Douglas A. McIntyre
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