Citigroup, Wachovia Post Higher Profits

By Jonathan Stempel, Reuters

Citigroup Inc. and Wachovia Corp., two of the four largest U.S. banks, on Monday posted higher third-quarter profits, helped by merger activity and investment banking.

Net income for Citigroup rose 35 percent, but excluding the sale of an insurance unit fell 1 percent. Profit at Wachovia rose 32 percent, helped by last November's acquisition of SouthTrust Corp. Wachovia also benefited from strong retail banking, while a surge in bankruptcy filings weighed on Citigroup's credit card operations.

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