Jane Fraser speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019.
Kyle Grillot | Bloomberg via Getty Images
Citigroup reported its fourth-quarter earnings Wednesday morning ahead of Wall Street’s opening bell.
Here is how the company did relative to LSEG analyst consensus estimates:
- Earnings: $1.34 a share, vs $1.22 expected
- Revenue: $19.58 billion, vs $19.49 billion expected
Growth in investment banking and equity markets revenue helped drive a better-than-expected report for Citi in the third quarter, and those could be sources of strength again in the fourth quarter. Chief financial officer Mark Mason said at a Goldman Sachs conference in December that Citi was seeing investment banking fees and the markets business up double-digit percentages year over year, according to a transcript from FactSet.
Year-over-year comparisons for fourth quarter income metrics may be complicated by charges Citi booked in the final period of 2023.
Investors will also be looking for progress updates about CEO Jane Fraser’s turnaround efforts. Fraser took over the bank in March 2021 and has focused on slimming down the company, including selling off some international units.
Citi’s stock was a strong performer in 2024, rising nearly 37% on the year. The stock is up more than 4% so far this year.