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Apple will keep popping up in a lot of banking only conversations for a week before the rest of the retail lifestyle pack and Apple catch up on the professional front but the sudden news of Jobs’ third leave of absence suddenly did not give investors much chance of getting out of the burning train! Stay invested if you follow my terra firma scheme for the world 20 years hence 
Coming back to Citi, the bank was the secondary shock compared to Apple especially as the Indian born Pandit managed to report a good quarter for the erstwhile retail heavy operations of Citi, managing revenues of $18.4 billion and profits of 4 cents or $1.3 billion. Write downs continued to be steep as credit costs climbed down just a billion to $4.8 billion, showing up badly on the Latam and the non Asian retail card portfolio and the unsecured stuff.
However, Citi remains an apple of the eye for most investors having been shopped for $3 a share and continuing to hold tremendous value for $5 a share where it now trades after the results. Don’t worry about the program trading fellas if you are a manager at Citi, your work will be shining through without much media effort because of this continuing undervaluation. Great to hang on to Financials and Banks in 2011, it’s a good one. It must be a great feeling just to have completed all the Treasury tranches in the open markets at a profit for the government balance sheets employed. Though investment banking income for the quarter climbed to $1.2 billion fixed income lost 58% over Q3 to $1.5 billion from $5 billion and equities income came down to $596 million down more than 25%
Full year revenues of $65 billion yielded a net income of $14 billion and none of it from retail businesses. Citi Holdings is down to a insignificant $359 billion/. Group wide revenues were more than $86 billion, a$12.4 billion jump in Corporate/ Other income alone if you were to compare with 2009. Citi holdings revenues down from $22 billion to a little over 19 billion in 2010. International retail reported a business of almost $18 billion, with $ 4 billion in profits. Tangible Book per share is $4.42 Groupwide revenues were down 11% for the quarter
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