Citigroup earnings beat on cost cutting bonanza

April 16, 2015 4:27 PM

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Citigroup CEO Michael Corbat might soon deserve a new title—Wall Street’s chief penny pincher.

On Thursday, Citi C reported that earnings in the first quarter were up 20% from a year ago, to $4.8 billion. That eclipsed the $3.4 billion that rival Bank of America earned in the same time. And it was better than analysts had predicted. On a per share basis, Citi earned $1.51, which beat analysts...

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