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Investing

How Citigroup Saved Goldman Sachs

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By Douglas A. McIntyre Updated Published
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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

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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