Citigroup profit jumps in surprise increase

Reuters: Citigroup Inc reported a better-than-expected quarterly net profit as a smaller loss on its troubled assets made up for weakness in its core trading and lending businesses, pushing up the bank's shares in premarket trading. First-quarter adjusted net income rose to $4.15 billion, or $1.30 per share, from $4.00 billion, or $1.29 per share a year earlier, the third-largest U.S. bank said on Monday.

 

Facebook looks for OK to launch financial services

Marketwatch: Facebook Inc. is getting ready to launch financial services, which would let people make payments and store their money via its social network, the Financial Times reported Monday. It is seeking regulatory approval in Ireland for the service, with a decision only weeks away, the FT said, citing people involved in the process.

 

U.S. March retail sales brighten growth outlook

The New York Times: U.S. retail sales recorded their largest gain in 1-1/2 years in March, in the latest sign the economy was emerging from its weather-induced slumber and on track to accelerate in the second quarter. The Commerce Department said on Monday retail sales increased 1.1 percent last month, the biggest rise since September 2012, as receipts rose in nearly all categories. Retail sales, which account for a third of consumer spending, had risen by a revised 0.7 percent in February.