Citigroup's earnings Tuesday (Oct. 15) echo the sentiment of other banks that have reported in the past few days: Investment banking and trading revenues were up.
Sen. Elizabeth Warren called for growth restrictions on Citi due to long-standing data issues. Citi CEO Jane Fraser denied the prospect of an asset cap after being pressed by two analysts.
C's third-quarter 2024 results reflect strong growth in IB revenues, along with a rise in loans and deposit balance. The provision for credit losses increased.
Citigroup beat revenue and earnings expectations, driving shares higher. Despite rising borrowing costs, increased deposits and improved loan performance are set to boost Citigroup's net interest income and earnings. Citigroup's shares are undervalued, trading at the lowest PE ratio among big banks and at a 25% discount to tangible book value.
CNBC's Leslie Picker joins 'Squawk Box' to report on the bank's quarterly earnings results.
Citigroup's profit fell 9% in the third quarter as it set aside more money to cover the risk of loan defaults, particularly on credit cards.
Citigroup is set to report its third-quarter results before the opening bell on Tuesday. The bank has an analyst call to discuss the quarter scheduled for 11 a.m.
In recent days, U.S. markets have shown notable strength, driven by a mix of solid earnings reports and positive economic data.
Citigroup has struggled to adequately train employees in risk, compliance and data roles, according to the bank's own assessment, shedding light on why it is taking it years to fix regulatory issues even as billions are spent on an overhaul.
Citigroup Inc. C will release earnings results for its third quarter, before the opening bell on Tuesday, Oct. 15.
C's lawyers counter the lawsuit by asserting that the bank adheres to Uniform Commercial Code standards that protect it from liability for fraud-related losses.
Citi says its Token Services for Cash program has gone live after a pilot phase. The new commercial solution, announced Thursday (Oct. 10), processes multimillion-dollar transactions and offers clients “24/7, always-on” cross-border liquidity and payments between participating Citi branches.