Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results

Finance

In this article

Jane Fraser, CEO of Citi, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023. 
Patrick T. Fallon | AFP | Getty Images

Citigroup reported first-quarter earnings before the opening bell Friday.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

  • Earnings: $1.58 per share, which may not compare with expected $1.23
  • Revenue: $21.10 billion, vs. expected $20.4 billion

Citigroup CEO Jane Fraser has finished her sweeping corporate overhaul, including thousands of layoffs — now what?

Fraser has said that the impact to employees would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.

Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.

JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.

This story is developing. Please check back for updates.

Articles You May Like

AMC is poised to ride the box-office rebound, as long as its debt doesn’t get in the way
New York City FC, Etihad Airways agree to 20-year naming rights deal for new MLS stadium
Why Most People Still Plan To Take Social Security Early
Baidu posts 3% drop in third-quarter revenues, beating market expectations
How to protect your portfolio against risks tied to President-elect Trump’s tariff agenda

Leave a Reply

Your email address will not be published. Required fields are marked *