Citigroup Earnings Hit by $4.66 Billion in Charges from Overseas Divestures and Banking Crisis

Citigroup reported better than expected adjusted fourth quarter earnings Friday before the market open along with three of the largest U.S. lenders, Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC). Citi’s institutional services operations, U.S. personal banking and investment banking performed well, according to the bank. However, prior to adjustments, charges of $4.66 billion, or $2 per share hit quarterly earnings and Citigroup posted a $1.8 billion loss for the quarter. The charges were tied to overseas … Continue reading “Citigroup Earnings Hit by $4.66 Billion in Charges from Overseas Divestures and Banking Crisis”

Citigroup Earnings Boosted by Investment Banking and Transaction Services Fees

Citigroup reported better than expected third quarter earnings Friday before the market open along with two of the largest U.S. lenders, JPMorgan Chase (JPM) and Wells Fargo (WFC). All five of Citi’s core businesses, corporate lending; credit cards and US consumer banking; transaction services; buying and selling stocks and bonds; and private banking posted rising revenue. Citigroup was able to benefit from a rebound in investment banking fees, up 34 per cent from a year ago. Citi’s transaction services division … Continue reading “Citigroup Earnings Boosted by Investment Banking and Transaction Services Fees”

Citigroup Earnings Hampered by Slump in Trading and Investment Banking

Citigroup reported better than expected second quarter earnings Friday before the market open along with two of the largest U.S. lenders, JPMorgan Chase (JPM) and Wells Fargo (WFC). Citigroup was able to benefit from higher interest income from borrowers to partly counter from a slump in trading and investment banking. $C reported earnings of $2.92 billion, or $1.33 per share, in the three months to June 30, down 36%. The profit was weighed down by higher layoff costs and increased … Continue reading “Citigroup Earnings Hampered by Slump in Trading and Investment Banking”

Big Banks Kick Off Second Quarter Earnings Season with Citigroup, JPMorgan, State Street and Wells Fargo

America’s big money center banks kick of second quarter earnings next week. Core commercial and consumer banking franchises are expected to show improved profitability. However, there is continued weakness in investment banking and concerns are rising over the banking sector’s exposure to commercial real estate, asset quality is being scrutinized in earnings. Signs of asset quality deterioration are a risk. JPMorgan Chase (JPM), Citigroup (C), BlackRock (BLK), State Street (SST) and Wells Fargo (WFC) reporting Q2 results on Friday July … Continue reading “Big Banks Kick Off Second Quarter Earnings Season with Citigroup, JPMorgan, State Street and Wells Fargo”

What to Expect from Citigroup Earnings as It Continues its Strategic Transformation

Citigroup report second quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and State Street (STT). The higher interest rate environment continues to drive NII however the expected slowdown in loan growth, higher deposit costs, and continued weakness in investment banking income puts earnings under pressure. The focus will also be on deposit levels and any guidance. Citi is dragging through its strategic transformation under Jane Fraser and … Continue reading “What to Expect from Citigroup Earnings as It Continues its Strategic Transformation”

The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests

The Federal Reserve on Wednesday announced the 23 largest US lenders had passed the Central Banks Stress Tests. The banks showed they can withstand a severe global recession and turmoil in real estate markets. The Fed released the hypothetical scenarios for its annual bank stress tests back in March before the New York and California regional bank turmoil. The 23 banks were tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as … Continue reading “The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests”

Citigroup to IPO Banamex Mexico Retail, Resume Buybacks

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”