Citigroup is scheduled to report first-quarter earnings before the opening bell Thursday.
Here’s what Wall Street expects:
Earnings: $2.60 a share, 147% higher than the year earlier period, according to Refinitiv.
Revenue: $18.8 billion, 9.2% lower than a year earlier.
Net Interest Margin: 1.99%
Trading Revenue: Fixed Income $4.43 billion, Equities $1.16 billion
Citigroup CEO Jane Fraser is ready for the spotlight.
Fraser, who officially became CEO in February, is reporting results for the first quarter at the helm of the country’s third-biggest U.S. bank.
Like the rest of the industry, Citigroup is expected to release some of the money it had previously set aside for anticipated defaults tied to the coronavirus pandemic. The firm, which has sizeable fixed-income trading operations, may also report a boost from trading desks in the quarter.
Analysts will be keen to hear Fraser’s vision for the bank, as well as details on her plan to appease regulators who have criticized the firm’s risk management controls.
On Wednesday, JPMorgan Chase and Wells Fargo both posted results that exceeded analysts’ expectations on reserve releases, while Goldman Sachs beat estimates on strong advisory and trading results.
Shares of Citigroup have climbed 18% so far this year, compared with the 26% advance of the KBW Bank Index.
This story is developing. Please check back for updates.
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