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HomeTrading RoomBetter-Than-Expected Third-Quarter Revenue Propels Citigroup Stock Higher

Better-Than-Expected Third-Quarter Revenue Propels Citigroup Stock Higher

Investors will be watching Citigroup’s third-quarter results released on Friday morning for updates on CEO Jane Fraser’s plans for reorganising the New York-based bank.

Based on a poll of analysts conducted by LSEG, formerly known as Refinitiv, here is how what the business reported compares to what Wall Street was anticipating:

$1.63 worth of profit per share. not similar to the $1.21 anticipated as a result of divestitures. Earnings per share, excluding divestitures, were $1.52.
Revenue of $20.14 billion, compared to the forecast of $19.31 billion

The price of Citigroup’s stock was down 8% for the year as of Friday.

The bank will be separated into five primary business divisions, according to Fraser’s announcement, which was the most recent move since he became CEO in March 2021. This period is covered by Friday’s results release. There will likely be job layoffs under the new structure, which was revealed on September 13.

Citi’s sale of its retail banking division in a few international regions has been another Fraser-led strategy. On October 9, the bank stated that it had agreed to a contract to sell its onshore consumer wealth portfolio in China. This was the most recent development in the situation.

Source (CNBC)

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