Citigroup report Q3 earnings Thursday before the market. $C report this week with money center banks JPMorgan Chase, Goldman Sachs and Wells Fargo. Citi now operates consumer banking solely from 4 wealth centers: Singapore, Hong Kong, UAE, and London.
Citigroup report Q3 earnings Thursday before the market. $C report this week with money center banks JPMorgan Chase, Goldman Sachs and Wells Fargo. Citi now operates consumer banking solely from 4 wealth centers: Singapore, Hong Kong, UAE, and London.
Citigroup Inc NYSE: C · Report Before Open Thursday
$1.73 EPS Forecast And $17.10 billion Forecast in Revenue
EarningsPreview
- Q3 2021 earnings release: before the opening bell; conference call: 8 a.m.
Projected EPS: $1.73 Projected revenue: $17.1 billion
Citigroup (C) reported Q3 2021 earnings with a projected EPS $1.73 on a projected revenue of $17.1 billion.
Allowance For Credit Losses
The allowance for credit losses (ACL) on loans has been the feature of this years banks reports. The ACL refers to the monies set aside when the pandemic started ahead of what it feared would be a cascade of loan defaults by consumers and small businesses. However the banks overestimated the level of defaults and are now unwinding those credit reserves, which is giving a boost to banks’ earnings.
Citigroup Focusing on Wealth Management
Citi in Q1 said that it will close most of its consumer banking operations in Asia, Europe, and the Middle East in order to focus on wealth management. Citi will operate consumer banking solely from four wealth centers: Singapore, Hong Kong, UAE, and London.
Citi will exit 13 markets where it does not have the scale to compete. Ms. Fraser as a former CEO of GCB knows the segment well. The bank is exiting consumer operations in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. T
“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” Fraser said in the release. The move to focus on the remaining markets “positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.”
Big Banks Kick Off Third Quarter 2021 Earnings Season
The bank rally has been fueled by expectations for the economy reopening and infrastructure spending. The new surge in home prices has also buoyed optimism for the mortgage business and banks profits thereto.
Citigroup Inc NYSE: C
Market Reaction
Highlights
Source: Citigroup,
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