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Citi Reports Profit, Analysts Warn Major Banks Could Still Face More Losses
In a letter sent to employees Monday, Citigroup Inc. (C) Chief Executive Officer Vikram Pandit said the bank has been operating at a profit through the first two months of the year for the first time since the third quarter of 2007 – the last time it recorded a profit.
But even as the news was hitting Wall Street, a report revealed that regulators are “contingency planning” ways to further stabilize Citigroup if needed. And yet another report said major banks could face “catastrophic” losses on derivatives if the economy worsens.…
11Mar2009 | Money Morning | Comments Off | Continued
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