Citigroup Inc. reported Monday that while its earnings rose 4% during the second quarter, its overall returns failed to meet Wall Street projections.
The relative shortfall comes amid difficulties in the interest rate environment and could mark a precursor to similar reports from other US banks which are expected to report their returns throughout the week.
Citigroup says its corporate and investment banking returns jumped 31% from 2005’s second quarter returns of $5.16 billion, bringing in $6.76 billion, but the bank reported a slump in its retail banking sector.