Citigroup beats analysts’ estimates for profit, helped by $1.1 billion boost from loans
14 Jul 2021
Jane Fraser, chief executive officer for Latin American at Citigroup Inc., smiles during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 29, 2019. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Kyle Grillot/Bloomberg via Getty Images
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Citigroup posted second-quarter results.
Here’s how the bank did:
Earnings: $2.85 a share. The estimate of analysts surveyed by Refinitiv was $1.96 a share.
Revenue: $17.47 billion. The estimate was $17.2 billion.
What changes does Jane Fraser have in store for Citigroup?
Fraser, who officially became CEO in February, announced in April that Citigroup was exiting retail operations in 13 countries outside the U.S. to improve returns.
Now, analysts wonder what else Fraser has planned for her strategic revamp of Citigroup, the third biggest U.S. bank by assets.
Like the rest of the industry, Citigroup is expected to release some of the money it had previously set aside for anticipated defaults tied to the coronavirus pandemic. The firm may also benefit from strong Wall Street advisory activity in the quarter.
Shares of Citigroup have climbed 11% this year, compared with the 26% advance of the KBW Bank Index.
This story is developing. Please check back for updates.
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