Citigroup reports mixed first-quarter results, shares fall

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Citigroup reported mixed first-quarter results on Monday, with its earnings topping expectations while its overall revenue missed.

Here’s how the company’s results measured up to analyst forecasts:

  • Earnings: $1.87 per share vs $1.80 expected by Refinitiv
  • Revenue: $18.576 billion vs $18.634 billion forecast
  • Fixed-income, currencies and commodities (FICC) trading revenue: $3.452 billion vs $3.05 billion expected by StreetAccount
  • Equities trading: $842 million vs $930 million
  • Investment banking revenue: $1.354 billion vs $1.2 billion forecast

Citigroup fell 0.7% in the premarket after the banking giant released its results.

The results will follow the retirement of President Jamie Forese, who was considered a potential successor to CEO Michael Corbat. Citigroup announced Forese’s retirement on Thursday.

Citigroup shares have been on fire this year, rallying nearly 30% in that time period. The stock is also outperforming peers like J.P. Morgan Chase, Wells Fargo, Morgan Stanley, and Bank of America.

J.P. Morgan and Wells Fargo both reported quarterly earnings on Friday that topped analyst expectations. Shares of J.P. Morgan rallied on the news, while Wells Fargo dropped on a profit warning from its CFO.

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