Gabelli Funds Portfolio Manager Ian Lapey in Reuters

Citi profit falls on severance costs from reorganization while stock slides

 Citigroup’s (C.N), opens new tab first-quarter profit fell 27% as the bank took charges related to its reorganization, although it beat expectations as revenues grew in key divisions.
The bank’s shares were volatile, wiping out an earlier gain to slide 2% while other bank stocks also weakened.