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Jane Fraser, the CEO of Citigroup, recently participated in a Senate hearing focusing on the annual oversight of Wall Street firms, held by the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., on December 6, 2023.
As Citigroup prepares to announce its first-quarter earnings on Tuesday morning, investors and analysts are closely monitoring expected financial metrics:
Earnings per share: $1.85, as reported by LSEG
Revenue: $21.29 billion, also according to LSEG
Provision for credit losses: $2.57 billion, based on StreetAccount estimates
Trading Revenue: $4.33 billion from fixed income and $1.4 billion from equities, per StreetAccount
However, Citigroup may face a notable challenge this quarter. Unlike its competitors in the financial sector, which benefitted from a surge in stock trading revenue due to market volatility, Citigroup’s trading operations are predominantly focused on fixed income rather than equities. This positioning could limit its momentum compared to rival firms.
Banking giants such as JPMorgan Chase, Morgan Stanley, and Goldman Sachs have recently reported strong performances, surpassing analysts’ expectations thanks to a spike in equities trading revenue during the same period.
This year has not been kind to Citigroup, with its shares experiencing a decline of 10%. The downturn reflects broader concerns in the banking sector, potentially tied to economic effects stemming from former President Donald Trump’s tariff policies.
This story is developing. Please check back for updates.
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