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 on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected trading revenue.
Here’s what the company reported:
- Earnings: $1.58 per share, unclear if comparable to the $1.23 estimate from LSEG
- Revenue: $21.10 billion vs. expected $20.4 billion
The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.
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.