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With Corbat at helm, Citi’s profit, revenue rise


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— INVESTMENT VS. RETAIL: Earnings from investment banking soared 63 percent, boosted by strong stock and bond markets. U.S. stock markets were volatile in June as investors tried to parse how long the Federal Reserve would keep trying to prop up the economy, but many investors view volatility as a chance to make profits.

Earnings from consumer banking slipped 1 percent. Though the bank funded more mortgages compared with a year ago, it made less from servicing mortgages. Bank officials also acknowledged that rising interest rates could crimp homeowners’ appetite for refinancing, which has driven mortgage results across the banking industry in recent quarters. Corbat said the bank was "taking steps to make sure the mortgage business is sized correctly."

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— SHARE ACTION: Citi’s stock rose $1, or 2 percent, to $51.81, after earlier spiking as high as $52.16. The stock has changed hands between $24.91 and $53.56 in the past 52 weeks.




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