Operating expenses dropped $12 billion, or 21 percent, compared with the second quarter of 2008. Additionally, Citigroup shed 30,000 positions since the first quarter of 2009, bringing its staffing to 279,000.

'Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing our plan,' said Vikram Pandit, the bank's chief executive officer.

'We remain optimistic that the turnaround of Citi will gain speed.'