Michael Corbat CEO of Citigroup

Citigroup reported fourth-quarter earnings that bested Wall Street estimates for earnings and revenue on Tuesday morning.
The firm posted a 49% gain to fixed-income trading revenue, more than double the increase analysts anticipated, according to those surveyed by Bloomberg.
Citi stock traded as much as 1% higher following the report’s release.
Watch Citigroup trade live here.

Citigroup reported fourth-quarter earnings that beat profit and revenue expectations on Tuesday morning.

The company posted a 49% gain to fixed-income trading revenue, more than double the forecasted jump, according to analysts surveyed by Bloomberg. The division was driven by a recovery in the US bond market following a summer recession scare.

Citi stock traded as much as 1% higher on the report.

Here are the key numbers:

Revenue: $18.4 billion, versus the $17.85 billion estimate

Adjusted earnings per share: $1.90, versus the $1.83 estimate

Fixed-income trading revenue: $2.9 billion, versus the $2.37 billion estimate

“We enter 2020 in a strong competitive position, from capital and liquidity to talent and technology,” CEO Michael Corbat said in a statement. “With increased revenues and disciplined expense management, we had positive operating leverage, even as we continued to make significant investments in the franchise.”

The company is in the midst of a massive overhaul, …read more


Source:: Businessinsider – Finance

      

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