<\/span><\/span><\/span> (KBE), which is down 14.8%.<\/p>\n“Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model and strong balance sheet,” CEO Jane Fraser said in a statement.<\/p>\n
While beating Street estimates, Citi’s revenue dipped 1% from a year ago as the decline in markets and investment banking businesses weighed on the result.<\/p>\n
Citigroup’s net income fell 6% to $2.9 billion from the same quarter last year, pressured by higher expenses, high cost of credit and lower revenue. <\/p>\n
“Markets revenues were down from a strong second quarter last year, as clients stood on the sidelines starting in April while the U.S. debt limit played out,” Fraser said. “In Banking, the long-awaited rebound in Investment Banking has yet to materialize, making for a disappointing quarter.”<\/p>\n
This is breaking news. Please check back for updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Jane Fraser, Citi, at WEF, Davos, Jan. 17, 2023. Adam Galica | CNBC Citigroup shares rose in premarket on Friday after the bank reported second-quarter earnings and revenue that topped expectations. Here’s how the company fared in the quarter compared to what analysts polled by Refinitiv expected from the banking giant. Earnings per share: $1.33…<\/p>\n","protected":false},"author":1,"featured_media":40885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-40884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n
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