Citigroup earnings down 57%. Duh!

They pre-announced two weeks ago and came clean about how bad business was. The market loved them for it. Now the call comes out and they get hammered. Still, they say the market is efficient! Here's the transcript for the Citi earnings call. There is very little new information. The writedowns were a bit worse than the they thought, but not by a shocking amount. The earnings actually came in higher than expected. If you take the time to read the transcript, you'll find out that Citi is actually growing fairly nicely, a lot of it organically. They are expanding significantly internationally and high margin businesses like Global Wealth Management is growing at a good clip. This company is executing, but no one cares to notice. Chuck Prince is not Sandy Weil. This is not the 90s. Analysts need to de-anchor their thinking from that era.