Citi reports an astounding $4.4 billion in Q1 profit

Citigroup reported first-quarter earnings of $4.4 billion, beating Bank of America and JPMorgan Chase by more than $1 billion. The result shows the bank has "turned a corner," Chief Financial Officer John Gerspach said. There is concern among analysts that Citi's financial turnaround is not sustainable. At the least, according to one analysis, fluctuating tax rates and the bank's return to dividend-paying preferred stock sales will make it harder for Citi to outperform its peers in the future.

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