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Markets given lift by bank
Jul 19 2008 by Peter McCusker, The Journal
THE world’s biggest bank gave the under-pressure UK financial sector a lift after posting better-than-expected results.
Citigroup suffered a net loss of $2.5bn, comfortably ahead of the $3bn deficit expected by analysts. It was also less than half the $5.1bn net loss seen in the first quarter.
The performance prompted a rally for shares in London amid hopes the credit write-down corner may have been turned. Banks were doing particularly well with Royal Bank of Scotland and Barclays both enjoying 8% surges.
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