Citigroup posts $1.8 billion fourth-quarter loss after litany of charges

Earnings

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Jane Fraser, CEO of Citigroup, attends a hearing on Annual Oversight of Wall Street Firms before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., the United States, on Dec. 6, 2023. 
Tom Williams | Cq-roll Call, Inc. | Getty Images

Citigroup reported fourth-quarter earnings before the opening bell Friday.

Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:

  • Earnings: adjusted 84 cents a share, may not compare with expected 81 cents
  • Revenue: $17.44 billion, vs. expected $18.74 billion

Citigroup CEO Jane Fraser announced plans for a sweeping corporate reorganization in September after previous efforts failed to boost the bank’s results and share price.

The bank has said it will disclose how much the overhaul will impact headcount and reduce expenses with fourth-quarter results. Wednesday evening, the company said it booked bigger charges in the quarter than previously disclosed.

Citigroup has already said it would exit municipal bond and distressed debt trading operations as part of the streamlining exercise.

The third biggest U.S. bank by assets had 240,000 employees as of September, second only to the far more profitable JPMorgan Chase.

JPMorgan and Bank of America posted results earlier Friday, while Goldman Sachs and Morgan Stanley report Tuesday.

This story is developing. Please check back for updates.

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