Jane Fraser, CEO of Citigroup, attends a hearing on Annual Oversight of Wall Street Firms before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., the United States, on Dec. 6, 2023.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Citigroup Reports First-Quarter Earnings
Citigroup reported first-quarter earnings before the opening bell on Tuesday. Here’s a breakdown of the results compared to Wall Street analysts’ expectations:
- Earnings: $1.96 per share, compared to the expected $1.85 per share
- Revenue: $21.60 billion, exceeding the expected $21.29 billion
While Citigroup’s trading division is more focused on fixed income rather than equities, its Wall Street peers saw a surge in stock trading revenue during the period. This difference in focus may have impacted Citigroup’s performance compared to its rivals.
JPMorgan Chase, Morgan Stanley, and Goldman Sachs all surpassed analysts’ estimates, benefiting from increased equities trading revenue due to market volatility.
Despite the positive earnings report, Citigroup’s shares have declined by 10% this year, influenced by a broader selloff in banks related to President Donald Trump’s tariff policies.
This story is developing. Please stay tuned for updates.
