finance
Citi Reports Highest Quarterly Revenue in a Decade Under CEO Jane Fraser
Citigroup posted its strongest quarterly revenue in ten years during April, with all five business divisions posting gains. The bank also recorded a 13.1 percent return on tangible common equity, its highest level since 2021.
May 27, 5:00 AM·1m read1 source
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Citigroup reported its highest quarterly revenue in a decade in April, with all five divisions posting gains led by services and markets. 1 percent in the first quarter, the highest level since 2021. Citi stock has risen about 83 percent since Jane Fraser became chief executive in 2021.
8 percent this year, ahead of JPMorgan Chase, Wells Fargo, and Bank of America but slightly behind the S&P 500’s 8 percent gain.
Fraser outlined a strategy in March 2022 to focus Citi on cross-border institutional banking, global wealth management, and domestic personal banking. The bank has exited retail operations in 14 markets and plans to cut 20,000 positions by the end of this year.
The reorganization flattened management layers and removed businesses that did not align with the three core areas. Citi has also resolved most regulatory reporting issues that had persisted under prior leadership.
U.S. bank in that position. The bank had also sent $900 million to the wrong recipient in a processing error and struggled to recover the funds. Fraser previously led strategy and mergers during the 2008 financial crisis, completing 25 transactions in 18 months that reduced assets by nearly one trillion dollars and eliminated 100,000 jobs.
A lawsuit filed in January alleges harassment by wealth-management head Andy Sieg. Citi stated the suit lacks merit and retained Sieg after an internal review. The bank also defended banking head Viswas Raghavan against prior workplace allegations.
