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.Â
Tom Williams | Cq-roll Call, Inc. | Getty Images
Citigroup on Tuesday posted first-quarter results that exceeded analysts’ estimates as the firm’s traders generated more revenue than expected.
Here’s what the company reported:
- Earnings: $1.96 per share vs. $1.85 per share LSEG estimate
- Revenue: $21.60 billion, vs. $21.29 billion expected
The bank said profit rose 21% to $4.1 billion, or $1.96 per share, on higher revenues and lower expenses from the year-earlier period. Companywide revenue climbed 3% to $21.60 billion as the bank cited gains in its five major divisions.
JPMorgan Chase, Morgan Stanley and Goldman Sachs each exceeded analysts’ estimates on a boom in equities trading revenue as the banks took advantage of volatility in the quarter.
Shares of Citigroup have dropped 10% this year amid a broad selloff in banks related to President Donald Trump’s tariff policies.
This story is developing. Please check back for updates.