CORRECTED-UPDATE 4-Citi posts highest quarterly profit in 8 years as costs plunge

April 17, 2015 2:23 AM

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April 16 (Reuters) - Citigroup Inc reported its highest quarterly profit in nearly eight years as costs plunged, showing that the bank's efforts to streamline its business may be starting to pay off.

Citi has been slowly getting its house in order by cutting costs and shedding assets that are not critical to its main businesses. It has sold retail operations in many countries and shrunk its U.S. branch network.

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