Wachovia-profit ($1.2) beat estimate($1.16), first-quarter net income jumped 33% -driver: Golden West Financial Corp. revenue at the financial-services company climbed 17% amid last year's acquisitions. -subprime exposure little more than 0.5% of the consumer mortgage portfiolio. money set aside to cover credit losses down. -equity:up 2% -Bond, CDS 27 bps Citigroup, the nation's largest financial institution -Revenue rose 15% . but slowest growth in 3yr. -drivers: underwriting (investmetn banking) and trading, consumer banking. -laggard segments: consumer banking declined due to credit loss, loss in private equity funds -Citi posted an 11% drop in first-quarter profit, as costs associated with a plan to cut 17,000 jobs hurt its bottom line. -Citi's shares rose 2.6% to $52.93 -10y bond, fair, YS 85 bps -CDS: 13 bps Sallie Mae went private Flowers, together with Friedman Fleischer & Lowe LLC,JPMorgan Chase & Co. and Bank of America Corp., -CDS, increased from 86 to 136 bps -10y bond, 100 to 200 bps
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