NEW YORK (AP) -- Despite strong growth in revenue, profit at Citigroup Inc. fell 11 percent in the first quarter as the nation's largest financial institution took a charge to cover a massive restructuring aimed at improving earnings.
Still, it beat Wall Street expectations, sending its shares up strongly on the New York Stock Exchange.
Meanwhile, the nation's fourth largest bank, Wachovia Corp., reported that its first-quarter profit rose 33 percent on higher lending income and the acquisition of Golden West Financial Corp.
The reports released Monday were the first in a week packed with bank and brokerage earnings results that were expected to set the tone for the year. Profits were anticipated to be harder to come by as rising interest rates make it more difficult for some of the banks' corporate and consumer customers to pay back loans, including mortgages.
While some lenders who provide mortgages to people with poor credit have been failing, there are no signs of a significant spillover to money center banks. Even the big banks are bracing for growing credit problems, however.
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