Belfast Telegraph

Citigroup posts profit

Us BANKING giant Citigroup has returned to the black after posting net income of $10.6bn (£6.6bn) in 2010.

Citi, which employs 11,000 staff in the UK and owns credit card brand Egg, posted a net loss of $1.6bn (£1bn) in 2009.

The bank added that employee pay and benefit expenses were down 2% compared to the previous year, to $24.43bn (£15.3bn).

Citi has been operating in Belfast since 2004 and in November announced over 500 new jobs for Northern Ireland.

The plans to create 440 roles in its technology and operations divisions and a further 61 posts in its legal and compliance division will bring its total staff in Northern Ireland to more than 1,400.

The results follow better-than-expected figures from rival JP Morgan, which had full-year net income of $17.4bn (£11bn) in 2010.