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Citi posts highest profit since financial crisis, shares rise

Under Corbat, who replaced Vikram Pandit as CEO in 2012, Citi has been selling retail operations in several countries, shrinking its U.S. branch network and disposing of non-core businesses. Operating expenses in Citicorp, which holds the bank’s core businesses, fell 6 percent to $9.8 billion in the second quarter. Citi shrank the assets of Citi Holdings, which houses businesses it plans to sell, by 22 percent compared with 19 percent