Citigroup's profit falls less than expected; trading helps

Citigroup Inc beat Wall Street expectations on Friday with a smaller-than-expected drop in second-quarter profit as a rebound in trading activity partly offset the effects of persistently low U.S. interest rates. Like its rivals, Citigroup saw a spike in trading volumes after Britain voted on June 23 to exit the European Union. The fourth-largest U.S. bank by assets said earnings, adjusted for counterparty risk, fell 14 percent to $4 billion in the second quarter, far less than the 25 percent dr