Citigroup reported third-quarter 2024 net income of $3.2 billion, with earnings per share of $1.51 — above the $1.31 that analysts had forecast — as net revenues of $20.3 billion came in ahead of the $20.1 billion recorded in the same period a year earlier. The results were published in the bank's quarterly earnings press release.
Fraser's restructuring programme, centred on simplifying Citigroup's organisational structure (announced in September 2023), reducing management layers, and exiting international consumer franchises (announced in 2021), continued to produce cost reductions during the quarter.
Fraser said the efficiencies gained from Citi's simplification and other efforts drove a 2% reduction in expenses, to $13.3 billion.
TRANSFORMATION PROGRAMME
Fraser's transformation, which includes the exit from consumer banking operations in multiple international markets and a material reduction in the number of management layers across the organisation, was still being implemented at the time of the Q3 2024 results (the international consumer exits were announced in 2021 and the organisational overhaul in September 2023).
Regulatory remediation has run in parallel with the commercial transformation, with Citigroup continuing to invest in its data, risk management, and technology infrastructure in response to consent orders from the OCC and the Federal Reserve relating to deficiencies identified in prior supervisory examinations.
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