Citigroup reports loss excluding one-time gain, sees 'some positive signs'

Citigroup (C), the much-maligned bank that has been at the center of the bailout controversy, reported earnings before the market opened today. Results for the second quarter of 2009 were a loss of $2.4 billion, or $0.27 per share, compared to the average loss of $0.31 per share expected from analysts -- an estimate that had increased from a $0.26 per share loss in the last week. Those numbers exclude the $6.7 billion one-time gain associated with selling part of the company's Smith Barney division.

The stock was up modestly in pre-market trading shortly following the announcement.

Just last week, Citigroup shook up its top management, as CFO Ned Kelly moved to a more strategic position within the company. Controller and Chief Accouting Officer John Gersprach is now the CFO, a position that has been in turmoil over the past five years. Commenting on the changes, Fox-Pitt Kelton analysts said, "While the individual moves make a lot of sense to us, we believe it shows that CEO Vikram Pandit is struggling to get the right team in place," in a note obtained by DailyFinance.