By posting a $2.2 billion profit in the 3rd quarter, Citigroup has posted 3 profitable quarters for 2010, as the firm lowered reserves against potential losses.  Revenues came in at $20.7 billion.  Backing out an $800mn loss tied to the sale of its student lending business, Citi's income from continuing operations was $2.6bn, or 8 cents a share.  Profit improvements took place in retail banking business, especially in Latin America and North America, while corporate operations declined.  The firm has been busy selling off businesses it deems nonessential, including its student loan unit, the Student Loan Corporation. 

“Achieving our third straight quarter of positive operating earnings is continued evidence that we are successfully executing our strategy and we believe we have put in place all the elements for continued profitability.” -- CEO Vikram Pandit.  [NYT Dealbook, 10/18]