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Citigroup announced third-quarter results that exceeded Wall Street expectations, driven by growth in investment banking and wealth management. Despite setting aside more money for potential loan losses, the company reported earnings per share of $1.51, surpassing the expected $1.31, and revenue of $20.32 billion, higher than the expected $19.84 billion. Citigroup’s banking division saw an 18% increase in revenue, with a 31% gain in the investment banking arm and a 9% rise in wealth revenue. However, net income dropped to $3.2 billion, or $1.51 per share, from $3.5 billion, or $1.63 per share, due to a higher cost of credit. Revenue rose 1% to $20.32 billion, with equity markets revenue up 32% but fixed income revenue down 6%. CEO Jane Fraser’s focus on streamlining the bank has shown positive results, including share gains and fee growth. Citigroup’s net interest income fell 3% year over year to $13.4 billion, but expenses were down 2%. The company’s stock was up more than 28% year to date, outperforming the S&P 500 and financial sector. Other major banks, such as Goldman Sachs and JPMorgan Chase, have also exceeded earnings expectations in the third quarter.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
