SIOUX FALLS, S.D. (KELO AM) - Citigroup, the parent company of Citibank Sioux Falls, reports earnings surging to almost $4 billion in the third quarter.
Citibank markets insurance, investment products and credit cards.
Citigroup executives attribute the earning to cutting expenses and cleaning up its books from the mess of the financial crisis. Citi's revenue was $18.5 billion, compared to $20 billion a year earlier.
Citibank came to Sioux Falls in 1981 to take advantage of South Dakota’s then maximum allowed interest rate of 25 percent on loans.