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 on Friday posted a $1.8 billion fourth-quarter loss after booking several large charges tied to overseas risks, last year’s regional banking crisis and CEO Jane Fraser’s corporate overhaul.
All told, the charges — so massive the bank preannounced their impact this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup said. Excluding their impact, earnings would’ve been 84 cents a share, the bank said.
Here’s what the company reported vs. with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, expected:
- Earnings: adjusted 84 cents a share, may not compare with expected 81 cents
- Revenue: $17.44 billion, vs. expected $18.74 billion
Fraser announced plans for a sweeping corporate reorganization in September after previous efforts failed to boost the bank’s results and share price. This week, the company said it booked bigger charges in the quarter than previously disclosed by CFO Mark Mason.
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.