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Citigroup Beats Estimates as Trading, Investment Banking Rebound

Citigroup (C) posted higher quarterly profit than analysts estimated as consumer lending grew and trading revenue increased.

Earnings of $1.24 a share compared with the $1.10 average estimate from analysts in a Bloomberg survey. Net income slid 14% to $4 billion while revenue of $17.5 billion was in line with analysts' projections.

Reports from the New York bank and San Francisco-based Wells Fargo (WFC) , which also disclosed second-quarter earnings on Friday, show banks are rebounding after a...