Citigroup reported first-quarter 2024 net income of $3.4 billion, with earnings per share of $1.58, or $1.86 excluding one-off items, against an LSEG consensus estimate of $1.23. Group revenues reached $21.1 billion, up 3% when the effect of ongoing business divestitures is excluded.
Banking revenues, which encompass investment banking fees and corporate lending activity, rose 49% compared with the equivalent quarter a year earlier.
RESTRUCTURING
The organisational simplification that Fraser unveiled in September 2023 was completed in March 2024, Citi said. In January 2024 Citi said it expected to cut about 20,000 positions over the medium term. The bank is organised around five core interconnected businesses: Services, Markets, Banking, US Personal Banking, and Wealth.
The reorganisation is being executed in parallel with the previously announced exits from consumer banking operations in a number of international markets.