APRIL 11 — Citigroup’s first-quarter profit fell 27 per cent but beat market expectations today, while taking a US$483 million charge tied to CEO Jane Fraser’s sweeping...
The logo for Citi bank is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City, US, August 3, 2021. — Reuters picAPRIL 11 — Citi group’s first-quarter profit fell 27 per cent but beat market expectations today, while taking a US$483 million charge tied to CEO Jane Fraser’s sweeping reorganisation.
The bank also paid US$251 million into a Federal Deposit Insurance Corp fund that was drained last year after three regional lenders failed.Excluding one-time items, Citi’s adjusted profit of US$1.86 per share sailing past Wall Street expectations of US$1.23 each, according to LSEG data. Meanwhile, a resurgence in capital markets and investment banking fees fueled a 49 per cent surge in banking revenue to US$1.7 billion. Corporate lending rose 34 per cent.
Its forecast included about US$700 million to US$1 billion of repositioning costs and restructuring charges, of which roughly US$483 million was recorded in the first quarter.
Profit Beats Estimates Takes US$483M Charge Tied To Severance Costs
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