Citigroup was having the best year since 2007

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“EuropeVentures” recently reported as Positive news emerged from the US banking sector when Citigroup Inc Chief Executive Officer Vikram Pandit spoke of how his bank was having the best year since 2007.

The bank posted a 2.1billion profit this quarter after recording 5 previous quarterly losses.

Pandit went on to say “I am most encouraged with the strength of our business so far in 2009, In fact, we are profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007.”

“EuropeVentures” senior economist reportedly stated that Citigroup has been severely hurt over recent times, as it was once the world’s biggest bank. Over recent time investors have lost confidence with the bank as its share price has plummeted.

The “EuropeVentures” economist went on to add that this latest news will be greeted with renewed optimism; as was reflected in the share price as it rose. Stocks in the US and Europe have risen on the recent good news.

Although the bank still has a long way to go to reach its previous highs. “EuropeVentures” are said to believe that this news is very encouraging not just for Citigroup but for all the economies in the US, Europe and Asia, as it indicates that the economy is beginning to recover.

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