Citigroup swings to fourth-quarter profit, tops estimates on investment banking strength
Published On Jan 15, 2025, 7:31 AM
Citigroup reported a strong performance in the fourth quarter of 2024, posting a net income of $2.86 billion compared to a loss of $1.84 billion in the same period last year. The earnings of $1.34 per share exceeded the expected $1.22, and revenue also outperformed estimates at $19.58 billion versus $19.49 billion. The bank's investment banking segment saw a significant revenue increase, driven by strong corporate debt issuance, and Citigroup announced a $20 billion stock buyback in addition to improving profitability metrics.
Stock Forecasts
C
Positive
Citigroup's positive earnings report, alongside a substantial stock buyback and strong performance across key business segments, suggests improved investor confidence. The bank's ability to turn around its operations and generate profit after a previously poor performance indicates a potential for future stock price appreciation.
Related News
Richard Parsons, Serial Fixer of Media and Finance Giants, Dies at 76
Dec 26, 2024, 3:47 PM
Mr. Parsons’s lengthy résumé is a catalog of corporate emergencies at Time Warner, Citigroup and the Los Angeles Clippers.
Big banks find many 'reasons to be optimistic about 2025' as Trump 2.0 nears
Dec 11, 2024, 5:25 AM
Executives from the country’s biggest banks sounded optimistic Tuesday as they assessed the impact of a new Trump administration, the state of the US economy in 2025, and more interest rate cuts expected from the Federal Reserve.
José Andrés Opens New Dining Destination at Reagan National Airport
Nov 18, 2024, 5:00 AM
The Michelin-starred chef and humanitarian has partnered with Capital One to open a lounge-restaurant hybrid at Ronald Reagan National Airport.