Citigroup tops estimates for first-quarter revenue, helped by trading results

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

Patrick T. Fallon | AFP | Getty Images

Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected trading revenue.

Here’s what the company reported:

  • Earnings: $1.58 per share, unclear if comparable to the $1.23 estimate from LSEG
  • Revenue: $21.10 billion vs. expected $20.4 billion

The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses, credit costs and lower revenue.

Citigroup CEO Jane Fraser has finished her sweeping corporate overhaul, including thousands of layoffs — now what?

Fraser has said that the impact to employees would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.

Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.

JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.

This story is developing. Please check back for updates.

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