These were solid results. Citi holdings assets carried on reducing and Tier 1 capital strengthened to 12.6% from 12.5%. Revenue and cost were stable and there was a sequential improvemement in fixed income revenues. Citi is attractively valued and its powerful capital return potential is not recognized in the price.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.