This Wednesday, Dec. 5, 2012 photo, shows a Citi Bank sign in Chicago. Citigroup turned in a strong first quarter, but the sentiment from the bank was more cautious than celebratory. (AP Photo/Kiichiro Sato)
NEW YORK (AP) — Citigroup isn’t convinced the economy is back.
The bank on Monday announced strong first-quarter results, but executives were more cautious than celebratory.
Though they didn’t declare victory, they appeared to have reason to: Citigroup’s investment bank advised more companies on mergers and acquisitions; its retail bank wrote more mortgages; and the company set aside less money for bad loans. Quarterly profit rose 17 percent to $4 billion while revenue climbed 3 percent. The results beat expectations and the bank’s Login to read more