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, it reported first-quarter revenue that beat analyst estimates, helped by better-than-expected trading revenue.
Here is what the company said:
Earnings: $1.58 per share, unclear if comparable to LSEG's $1.23 estimate Revenue: $21.10 billion vs. $20.4 billion expected
The bank said profits fell 27% from the previous year to $3.37 billion, or $1.58 per share, due to higher expenses and credit costs and lower revenues.
Citigroup CEO Jane Fraser has completed a major overhaul of her company, including laying off thousands of workers — now what?
Fraser said the impact on employees will be complete by March, and that the company will provide an update on severance expenses along with first-quarter results.
Last year, Fraser announced plans to simplify the management structure and cut costs at the third-largest US bank by assets. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.
C. B. Morgan Chase The results announced earlier on Friday, and Goldman Sachs Reports Monday.
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