Citigroup Posts $5.8 Billion Q1 Profit Amid 14% Revenue Growth and Ongoing Restructuring

06 per share, in the first quarter. 96 per share, in the first quarter a year earlier. 63 billion in the first quarter. 55 billion. 1% in the first quarter. The bank's return on tangible common equity goal is between 10% and 11%.

Overhaul Progress and Workforce Reductions Citigroup completed about 90% of its overhaul.

The bank's strategic plan since early 2024 included a 10% workforce reduction affecting roughly 20,000 employees globally. , Indonesia, the Philippines, and Poland. Citigroup cut about 3,500 technology roles in China.

CNBC reported these details on the overhaul and reductions.

Revenue Growth Across Businesses Citigroup's services revenue rose 17% year-over-year in the first quarter.

The bank's markets revenue rose 19% year-over-year in the first quarter. Citigroup's banking revenue rose 15% year-over-year in the first quarter. Citigroup's wealth business revenue gained 11% year-over-year in the first quarter.

The cards business revenue gained 4% year-over-year in the first quarter.

Stock Performance and Analyst Views Citigroup shares surged more than 100% over the past year.

The shares slid more than 40% between 2021 and 2023. Citigroup shares surged nearly 23% over the past month. Of the 24 analysts covering Citigroup, 21 have a buy or strong buy rating on the stock. Wells Fargo analyst Mike Mayo raised his price target on Citigroup shares to $160 from $150.

“Citi showed strong top-line double digit growth even amid its restructuring, which seems unique not only among banks but also by companies generally.”

“— Mike Mayo, in a note to clients on Tuesday > "This progress seems a key reason Citi expects lower costs for transformation, stranded costs, and severance.”

“— Mike Mayo, in a note to clients”