Wall Street Giants: One Feels Pain, Other Sees Gain

Jul 21 2006 | 5:43pm ET

Alternative investments buoyed one Wall Street giant in the second quarter, while another was burned in the sinking market. Citigroup's profits from alternative investments fell by a third in the second quarter to $257 million from $385 million in the same quarter last year, as revenues from alternatives plummeted by nearly half. Second-quarter revenues dropped from $1.1 billion to $584 million. Citigroup blamed poor returns in its private equity and securities portfolios, though it said those losses were partly offset by high client revenues. Overall, Citigroup posted 4% increase in second-quarter income.

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