Citigroup announced its first-quarter results on Tuesday, showcasing performance that surpassed analyst expectations, largely driven by significant revenue from the firm’s trading operations.
The financial giant reported:
- Earnings per share: $1.96 compared to an expected $1.85, according to LSEG estimates
- Total revenue: $21.60 billion, exceeding the forecast of $21.29 billion
The bank’s profit surged by 21%, reaching $4.1 billion or $1.96 per share, a result attributed to increased revenues and reduced expenses compared to the same period last year.
Total revenue across the company rose by 3% to $21.60 billion, benefiting from improvements in all five of its major divisions.
Fraser also addressed emerging concerns regarding the U.S. economy, particularly amidst President Donald Trump’s efforts to reconstruct trade agreements with international partners.
“Ultimately, once longstanding trade imbalances and structural shifts are resolved, the United States will continue to stand as the world’s preeminent economy, and the dollar will retain its status as the global reserve currency,” Fraser remarked.
In parallel, other major banks, including JPMorgan Chase, Morgan Stanley, and Goldman Sachs, reported strong results driven by a boom in equities trading revenue, capitalizing on market volatility during the quarter.
However, Citigroup’s shares have experienced a decline of 10% this year, linked to a wider downturn in the banking sector exacerbated by President Trump’s tariff policies.
This story is developing. Please check back for updates.
