Citi posts highest quarterly profit in eight years as costs plunge

April 16, 2015 1:38 PM

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Citi posts highest quarterly profit in eight years as costs plunge

(Reuters) - Citigroup Inc (C.N) reported its highest quarterly profit in nearly eight years as costs plunged, showing that the bank's efforts to streamline its business are beginning to pay off.

Citi has been slowly getting its house in order by cutting costs and simplifying its structure. The bank has been selling retail operations in a number of countries, shrinking its U.S. branch network and getting rid of non-core businesses.

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