The paper edition Wall Street Journal headline on the second quarter earnings of Citigroup, Inc. (NYSE:C) reads “Citigroup Revenue Beats Estimates.” This is about the only good news that the article presents.
Citigroup these days, is, at best, a mediocre organization.
There was a lot of optimism when the current President and CEO, Michael Corbat, was brought on board to turnaround the massive organization. However, this October, Mr. Corbat will have been at the helm of Citi for five years.
Signs of a successful turnaround should have become apparent by now.
The return on shareholders' equity was just 6.8 percent for the quarter, down from 7.0 percent one year earlier.