Hurrah! The worst is over for Citigroup (C), according to the bank’s largest shareholder, Prince Alwaleed bin Talal of Saudi Arabia, who owns $4.3 billion worth of Citi stock in his Kingdom Holding company.
bin Talal tells Reuters’s Souhail Karam and Ulf Laessing that “the worst is behind them” and that Citi will be profitable this year, though he couldn’t say if it would be this quarter.
Mind you, bin Talal last week transferred his shares of Citi from his personal account to Kingdom Holding.
Perhaps he’s not as bullish as he sounds.
At any rate, Citi shares today are up 4 cents, or 1%, at $3.63.END
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