Citigroup (C) earnings Q1 2024

Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations.

Here’s what the company reported:

• Earnings: $1.58 per share, unclear if comparable to the $1.23 estimate from LSEG
• Revenue: $21.10 billion vs. expected $20.4 billion

The bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period.

Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate.

Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate.

Citigroup CEO Jane Fraser has said her sweeping corporate overhaul would be complete by March, and that the firm would give an update to severance expenses along with first-quarter results.

“Last month marked the end to the organizational simplification we announced in September,” Fraser said in the earnings release. “The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.

Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.

JPMorgan Chase reported results earlier Friday, and Goldman Sachs reports on Monday.

This story is developing. Please check back for updates.