CEO of Citi, Jane Fraser during the panel on Tech and finance – tailwinds and headwinds at the Global Hong Kong Global Financial Leaders Investment Summit on November 7, 2023 in Hong Kong, China.
Vernon Yuen | Nurphoto | Getty Images
Citigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity.
Here’s what the company reported:
- Earnings: $1.52 a share vs. $1.39 a share LSEG estimate
- Revenue: $20.13 billion vs. $20.07 billion estimate
Citigroup was just this week rebuked for failing to address its regulatory shortfalls, so analysts will be keen to ask CEO Jane Fraser about her long-running efforts to address the issue.
Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if the bank cannot appease regulators’ concerns about its data and risk management. Â
JPMorgan Chase reported results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week.
This story is developing. Please check back for updates.
Source Agencies
