Vikram Pandit, CEO of Citi Inc, said that his company has made profit in first 2 months of 2009. Citigroup will be in profit this quarter ending on 31-03-2009. It had not made profit since quarter 3 of 2007. Citigroup earned $ 2.2 billion in Jul - Sep period in 2007, the last quarter it made money. Vikram Pandit became CEO in Dec 2007.
After the announcement, shares of city group ended up 40 cents to $1.40, the biggest intra-day gain since Nov 24, 2008. Among other banks that face market pressure, Bank Of America Corp and JPMorgan Chase & Co. rose 28% and 22.60% respectively. Last week for the first time shares of Citigroup slipped below $ 1.
US may lift ban on short sell.
Since Oct, New York based citigroup has received 2 federal bailouts.
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