Citigroup reported a fourth-quarter loss of $1.8 billion after a litany of allegations

Citigroup CEO Jane Fraser attends a hearing on the annual oversight of Wall Street firms before the Senate Banking, Housing and Urban Affairs Committee on December 6, 2023 in Washington, DC, US.

Tom Williams | Cq-roll Call, Inc. | Getty Images

Citigroup reported fourth-quarter results before Friday’s opening bell.

Here’s what the company announced compared to what Wall Street analysts polled by LSEG, formerly known as Refinitiv, expected:

  • Earnings: Adjusted 84 cents per share, may not compare to 81 cents expected
  • Revenue: $17.44 billion vs. $18.74 billion is expected

Citigroup Chief Executive Jane Fraser announced plans for a major corporate reorganization in September after previous efforts failed to boost the bank’s results and share price.

The bank said it will disclose with its fourth-quarter results how much the overhaul will affect headcount and reduce costs. On Wednesday night, the company said it booked higher charges in the quarter than previously disclosed.

Citigroup has already announced it will exit its municipal bond and distressed debt trading operations as part of a streamlining effort.

The third-largest U.S. bank by assets had 240,000 employees in September, a far more profitable second JPMorgan Chase.

JPMorgan and American bank released the results earlier on Friday, while Goldman Sachs and Morgan Stanley reports Tuesday.

This story is evolving. Please check for updates.

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