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Citigroup Beats Estimates as Cost Cuts Cushion Trading Slump

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Citigroup Tops Analysts Estimates on Cost Cutting

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Citigroup Inc. posted its biggest quarterly profit since the financial crisis after a cost-cutting push helped the third-largest U.S. bank weather a slump in trading.

First-quarter net income jumped 21 percent to $4.77 billion, or $1.51 a share, the firm said Thursday in a statement, the most since the second quarter of 2007. Excluding accounting adjustments, earnings per share were $1.52, surpassing the $1.39 average estimate of 27 analysts surveyed by Bloomberg.