Citigroup profits up

Citigroup, the US banking, securities and insurance conglomerate increased its second quarter profits by 23% to US$3bn for the first quarter of 2000. This was down on first quarter profits of $3.6bn. But the group’s insurance operations, including its life insurance and annuity divisions, increased its profits by 12% to $409mn. Citigroup is the result of the $70bn merger between Citicorp and Travellers in 1998.