Citigroup reported Wednesday it plans to spin off its Mexican retail and small and mid-market banking operations through an initial public offering (IPO) rather than sell the Banamex unit outright. Banamex’s institutional business will remain part of Citi. Citigroup has been on a path of rationalizing it’s business, the Bank reported better than expected first quarter earnings of $2.19 per share for the quarter beating estimates of $1.70 a share last month. Citi divested its consumer business in India and … Continue reading “Citigroup to IPO Banamex Mexico Retail, Resume Buybacks”
Citigroup Personal Banking Revenue and Indian Exit Boost Earnings
Citigroup reported better than expected first quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and PNC (PNC). Citigroup reported earnings of $2.19 per share for the quarter beating estimates of $1.70 a share. Citi divested its consumer business in India and generated a gain on the sale. Like JPMorgan set aside more money for credit losses preparing for a weaker economic backdrop. On the positive side $C … Continue reading “Citigroup Personal Banking Revenue and Indian Exit Boost Earnings”
Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo
America’s big money center banks kick of first quarter earnings next week. There will be extra attention on them with the recent banking turmoil. Guidance will be keenly watched for from the money center banks. Concerns are rising over the banking sector’s exposure to commercial real estate. JPMorgan Chase (JPM), Citigroup (C), PNC Financial Services Group, Inc. (PNC) and Wells Fargo (WFC) reporting Q1 results on Friday. We got a preview from JPMorgan CEO Dimon saying that banking system is … Continue reading “Big Banks Kick Off First Quarter Earnings Season with Citigroup, JPMorgan, PNC and Wells Fargo”
What to Expect from Citigroup Earnings Following Banking Crisis
Citigroup report first quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and PNC (PNC). The focus may be on deposit levels and any guidance. Citigroup earnings are seen by analysts falling 16% as investment banking operations continue to struggle. Citi is dragging through its strategic transformation under Jane Fraser and the market will be looking for progress reports. Perhaps appropriately embattled California-focused First Republic Bank (FRC) kicks … Continue reading “What to Expect from Citigroup Earnings Following Banking Crisis”
Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%
The Federal Reserve on Thursday released the hypothetical scenarios for its annual bank stress tests. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets. Last year the Fed found all 34 large banks tested remained well above their risk-based minimum capital requirements, and the Fed announced no restrictions relating to dividends and buybacks. These test results will be keenly … Continue reading “Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%”
Citigroup Record Fixed Income Sales & Trading Revenue Cushion Earnings
Citigroup reported Beter than expected fourth quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC). Citigroup profit fell by 21% in the fourth quarter of 2022, and like JPMorgan set aside more money for credit losses preparing for a weaker economic backdrop. On the positive side fixed income trading posted record fourth-quarter revenue. $C again saw strong gains from US personal banking with … Continue reading “Citigroup Record Fixed Income Sales & Trading Revenue Cushion Earnings”
Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo
America’s big money center banks kick of fourth quarter earnings this week. FactSet expects the ‘Big 7’ to post $28 billion in fourth-quarter profits, which is down 15% from a year earlier. JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). and Wells Fargo (WFC) reporting Q4 results on Friday. Goldman Sachs (GS) and Morgan Stanley (MS) will report next Tuesday January 17 and PNC Financial Services Group, Inc. (PNC) and Charles Schwab Corp (SCHW) on January 18. Truist … Continue reading “Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo”
What to Expect from Citigroup Earnings
Citigroup report fourth quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC). Last quarter Citi saw strong gains came from US personal banking with double digit revenue growth in both of cards businesses. Citigroup is halfway through its strategic transformation under Jane Fraser and the market will be looking for progress reports. Citigroup Earnings Preview Q4 2022 earnings release at 8:00 a.m. ET; … Continue reading “What to Expect from Citigroup Earnings”
JPMorgan Benefitting from Fed Rate Hikes with Record Quarterly Net Interest Income
JPMorgan Chase, America’s largest bank kicked off the banking sector’s third quarter earnings season on Friday before the market opened. Federal Reserve’s interest-rate hikes helped $JPM report its highest quarterly net interest income ever. The bank raised its guidance for the year on consumer strength though the bank recognized a $959 million net investment securities loss, which “reflected higher net losses on sales of U.S. Treasuries and mortgage-backed securities”. Investment-banking fees were down sharply again as expected. JPM added net interest … Continue reading “JPMorgan Benefitting from Fed Rate Hikes with Record Quarterly Net Interest Income”
Wells Fargo Earnings Again Hit by Regulatory Charges with Another $2 Billion in Fines
Wells Fargo reported better than third quarter earnings before the bell Friday, other than an additional $2 billion to resolve a variety of legacy regulatory and legal woes from the costly fallout from scandals. Wells Fargo set aside $784 million in provisions for potential credit losses, more than the $611 million analysts had expected. Reporting also this week were JPMorgan Chase (JPM) PNC Bank (PNC), Morgan Stanley MS and Citibank (C) along with BlackRock (BLK). Wells Fargo Q3 Earnings Q3 … Continue reading “Wells Fargo Earnings Again Hit by Regulatory Charges with Another $2 Billion in Fines”