Citigroup tops estimates for first-quarter revenue

Those numbers Leslie, what he got? Hey Andrea, these chairs a little bit higher on the results which appear to be a beat on the top and bottom line. Bottom line coming in 158 per share. That compares to estimates of 123 per share. Top line $21.1 billion compared to 20.4 billion from. The street now, that is. Excluded if you were to exclude last year’s India divestiture which took place in the quarter. That led to a $1 billion gain. If you exclude that, City’s revenue actually came in 3% higher for the year. So a bit of a lumpy quarter as it goes through its reorganization and refocusing. Last quarter, if you recall, City said it would be down to 20,000 heads before the end of 2026. So hopefully we can get an update on that in the call today. But we did see operating expenses increased 7% year over year and net income down year over year. It came in at 3.4 billion in the first quarter compared to net income of 4.6 billion. In the prior year period, driven by higher expenses, higher cost of credit and lower net revenue, they also face that higher FDIC special assessment to the tune of $251 million. And if you recall as of last quarter, they started reporting in five businesses. I can kind of give you the highlights of those five. Services saw revenue up about 8%. Markets revenue was down there, thanks largely to fixed income which was down 10%, although equities was higher by 5%, although fixed income is larger for the firm. Banking revenue up 49% to 1.7 billion and that was driven by growth in investment banking and lending. Those green shoots, we keep talking about wealth down a little bit, 4% and US personal banking up 10% and Jane Frazier addressing that reorg. In the press release, she says quote last month. Marked the end to the organizational simplification we announced in September. The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy of also help us execute our transformation where we’ve made good progress as we retire multiple legacy platforms, streamline end to end processes and strengthen our risk and control environment. So I think you can kind of see that summed up in this quarter’s press release, but you can see the market likes what it sees shares up about 2 1/2% right now.