Citigroup Slips To Loss In Q4, But Adj. EPS Tops Estimates

RTTNews | 572 dias atrás
Citigroup Slips To Loss In Q4, But Adj. EPS Tops Estimates

(RTTNews) - Citigroup Inc. (C) reported Friday a net loss to common shareholders of $2.14 billion or $1.16 per share for the fourth quarter, compared to net income of $2.18 billion or $1.16 per share in the prior-year quarter.

Results for the latest quarter included pre-tax expenses associated FDIC special assessment of about $1.7 billion, $1.3 billion of reserve build associated with transfer risk in Russia and Argentina, negative foreign exchange impact of $88o million and a restructuring charge of $780 million.

Excluding such items, adjusted net income for the quarter was $0.84 per share.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.99 billion, compared to $1.18 billion last year.

Total revenues, net of interest expense, for the quarter decreased 3 percent to $17.44 billion from $18.01 billion in the prior-year quarter. Wall Street expected revenues of $18.75 billion for the quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Marcadores : C
read more
Citi To Cut Around 3,500 Tech Jobs In China Under Global Restructuring

Citi To Cut Around 3,500 Tech Jobs In China Under Global Restructuring

Banking major Citigroup Inc. announced plans to reduce around 3,500 technology in China as part of its ongoing broader initiative to streamline global tech operations, reports said. With the planned resturcturing, the lender aims to strengthen risk and data management frameworks. The planned results will be at its two major China-based technology centers in Shanghai and Dalian.
RTTNews | 61 dias atrás
Citigroup Fined $136 Mln Over Internal Control Issues

Citigroup Fined $136 Mln Over Internal Control Issues

Government regulators have issued around $135.6 million fine in separate but related actions against Citigroup Inc. for failing to resolve longstanding internal control and risk issues. The Federal Reserve Board has fined the banking major $60.6 million for violating the Board's 2020 enforcement action. In a related activity, the Office of the Comptroller of the Currency or OCC amended its 2020...
RTTNews | 391 dias atrás
DAX Modestly Higher As Investors React To Earnings

DAX Modestly Higher As Investors React To Earnings

Despite disappointing factory orders data, and U.S. President Donald Trump's threat that he would impose tariffs on pharma and chips, German stocks are gaining some ground in positive territory on Wednesday. Some upbeat earnings announcements and expectations of a Fed interest rate cut next month appear to be aiding sentiment.
RTTNews | 22 minutos atrás
Commodity Currencies Rise Amid Risk-Appetite

Commodity Currencies Rise Amid Risk-Appetite

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major peers in the Asian session on Wednesday, as Asian markets traded higher after Trump hailed his "good relationship" with his Chinese counterpart Xi Jinping, adding that a deal with China was taking shape.
RTTNews | 26 minutos atrás
Downturn In UK Construction Activity Deepens

Downturn In UK Construction Activity Deepens

The UK construction sector downturn deepened in July as volumes of work carried out across all sectors decreased markedly, survey results from S&P Global showed on Wednesday. The headline construction Purchasing Managers' Index fell to 44.3 in July from 48.8 in June. The score signaled the sharpest contraction since May 2020.
RTTNews | 49 minutos atrás