<\/img><\/span><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Citigroup<\/a><\/span><\/span><\/span> on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations.<\/p>\n Here’s how the company performed<\/a>, compared with estimates from LSEG, formerly known as Refinitiv:<\/p>\n The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Adjusting for the impact of FDIC charges as well as restructuring and other costs, Citi earned $1.86 per share, according to LSEG calculations.<\/p>\n Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.<\/p>\n Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.<\/p>\n Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.<\/p>\n The bank also posted an 8% gain to $4.8 billion in revenue in its Services division, which includes businesses that cater to the banking needs of global corporations, thanks to rising deposits and fees.<\/p>\n Shares of the bank climbed about 1% in premarket trading.<\/p>\n Citigroup CEO Jane Fraser previously said her sweeping corporate overhaul would be complete<\/a> by March, and that the firm would give an update to severance expenses along with first-quarter results.<\/p>\n “Last month marked the end to the organizational simplification we announced in September,” Fraser said in the earnings release. “The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.<\/p>\n Last year, Fraser announced plans to simplify<\/a> 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.<\/p>\n JPMorgan Chase<\/a><\/span><\/span><\/span> reported results<\/a> earlier Friday, and Goldman Sachs<\/a><\/span><\/span><\/span> reports on Monday.<\/p>\n This story is developing. Please check back for updates.<\/em><\/p>\n<\/div>\n<\/div>\n Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":" Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations. Here’s how the company performed, compared with estimates from LSEG, formerly known as Refinitiv: Earnings: $1.86 per share, adjusted, vs. $1.23 expected Revenue: $21.10 billion vs. $20.4 billion expected The bank said profit…<\/p>\n","protected":false},"author":1,"featured_media":72949,"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-72948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n\n