More Earnings: Bank of America, Citigroup

Today was another big day for corporate earnings. Bank of America (BAC) became the latest big bank to say things went well during the second quarter.

For Q2, BAC earned $3.2 billion or 33 cents a share. That’s a big drop from last year’s Q2 total of 72 cents a share, but this time around Bank of America had to pay Uncle Sam over $700 million in TARP dividends. Wall Street was expecting earnings of 28 cents a share.

Citigroup (C) stunned most everyone by reporting earnings of $4.3 billion for the second quarter. Analysts on Wall Street were expecting a loss of 37 cents a share. Instead, Citi posted a 49-cent per-share profit. Still, I wouldn’t get too excited. Shares of Citigroup fell slightly and are currently around $3.

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