Meyers Chuck, Alaska (PressExposure) November 07, 2012 -- Daido Holdings Group reportedly told investors at a meeting that the jump in Citigroup's share price, despite a shrinking in net income, was welcomed by the market looking to recover from a bad period. The general consensus seemed to be that clear progress is being made in Citigroup's quarterly results.
Third quarter earnings fell by 88 percent, down to $468 million, largely related to debt charges and asset sales expenses, but its core revenue continues to improve. Excluding these expenses, Citigroup's revenues were up 3 percent from the same quarter last year at $19.4 billion.
Daido Holdings Group comments seem to infer that Citigroup's results prompted gains by other major U.S. based banks, with a 3.5 percent gain by Bank of America Corp. and a gain of 3.6 percent by Goldman Sachs Group Inc. Charles Schwab Corp.'s shares saw a modest gain of 0.6 percent, after earnings of $247 million, growth of almost 12.3 percent.
There were also advances for London based banks, with Lloyds Banking Group rising by 3.2 percent and Barclays plc. Gaining 3.6 percent.
Daido Holdings Group allegedly commented on the results achieved by the securities and investment banking sector and were better than anticipated. Citigroup showed firm results with a larger than expected and growing core revenue.
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