The Citibank building in Canada Square at the heart of Canary Wharf financial district in London on May 7, 2024.before the opening bell on Tuesday that topped Wall Street expectations, with growth in investment banking and wealth management. However, the bank set aside more money to offset potential loan losses.
Net income fell to $3.2 billion, or $1.51 per share, from $3.5 billion, or $1.63 per share, a year earlier. Earnings were hurt by a higher cost of credit, including a net build of $315 million in Citi's allowance for credit losses. On the markets side, equity markets revenue rose 32% year over year, but fixed income revenue dipped 6%.
Citigroup CEO Jane Fraser took over in March 2021 and has focused on slimming down the bank during her tenure. That includes reducing Citigroup's"This quarter contains multiple proof points that we are moving in the right direction and that our strategy is gaining traction, including positive operating leverage for each of our businesses, share gains and fee growth," Fraser said in the earnings release.
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