On a more positive note, Citigroup (C, $49,98) had some good news to share when it reported earnings last Friday. Of the four major US banks that reported earnings last week, Citigroup was the only one that beat expectations for revenue.
In a statement made to investors, Citigroup’s CEO Jane Fraser said “in a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels.”
Revenue came in at $19.64b compared to the $18.22b that was expected. Despite gains in revenue, Citigroup reported a 27% decrease in net profit due to loan profit to $4.55b, or $2.19 per share.