Home Top Stories Citigroup stock jumps on better-than-expected revenue for the third quarter

Citigroup stock jumps on better-than-expected revenue for the third quarter

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Citigroup stock jumps on better-than-expected revenue for the third quarter

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Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, May 1, 2023.

Mike Blake | Reuters

Citigroup reported its third-quarter results on Friday morning, where investors will be looking for updates on CEO Jane Fraser’s reorganization plans at the New York-based bank.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $1.63. Not comparable to the expected $1.21 due to divestitures. Excluding divestitures, earnings per share were $1.52.
  • Revenue: $20.14 billion, vs. expected $19.31 billion

Shares of the bank rose 2% in premarket trading. Citigroup’s stock was down 8% for the year entering Friday.

Friday’s earnings report includes the period during which Fraser announced that the bank would be divided into five main business lines, the latest change for the CEO since taking over in March 2021. The new structure, announced on Sept. 13, is expected to include job cuts.

Another initiative under Fraser has been Citi selling off its retail banking business in some international markets. The latest move on that front came on Oct. 9, when the bank announced that it had struck a deal to sell its onshore consumer wealth portfolio in China.

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