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Citi Posts $4.3 Billion Profit after Smith Barney Sale

Jul 17, 2009By

On the back of the sale of Smith Barney brokerage unit, Citigroup [stock C][/stock] posted a $4.3bn Q209 profit, or $0.49 per share. Citi completed its sale of Smith Barney to Morgan Stanley [stock MS][/stock] on June 1, earlier than the original estimated close in Q309. That deal earned the bank $11.1bn pre-tax, $6.7bn after taxes. Citi’s quarterly profit shows an improvement from a $2.5bn loss in Q208. The banking giant reported total revenue of $30bn in Q209, up $12.4bn from Q208, but that included the one-time sale of Smith Barney.