Citigroup C earnings Q3 2024

Published

13 hours ago

October 15, 2024

The Citibank building in Canada Square at the heart of Canary Wharf financial district in London on May 7, 2024.

Mike Kemp | In Pictures | Getty Images

Citigroup is set to report its third-quarter earnings before the opening bell on Tuesday, as investors will get the latest updates about the progress of CEO Jane Fraser’s turnaround plan.

Here are the results expected by Wall Street analysts, according to LSEG.

Earnings per share: $1.31
Revenue: $19.84 billion

Fraser took over in March 2021 and has focused on slimming down the bank during her tenure. That includes reducing Citigroup’s global presence and laying off workers.

Investment banking and equities trading were two bright spots for the bank in its second-quarter earnings report, released in July.

Shares of Citigroup were up more than 28% year to date through Monday, outperforming both the S&P 500 and the financial sector.

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Bank of America (BAC) earnings Q3 2024

Published

13 hours ago

October 15, 2024

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Bank of America Chairman and CEO Brian Thomas Moynihan speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023.

Evelyn Hockstein | Reuters

Bank of America topped analyst estimates for third-quarter profit and revenue on better-than-expected trading results.

Here’s what the company reported:

Earnings: 81 cents vs. 77 cents LSEG estimate
Revenue: $25.49 billion, vs. $25.3 billion estimate

How quickly will Bank of America benefit from falling interest rates?

That’s a key question after the lender signaled in July that a rebound in net interest income was coming in the second half of this year.

Bank of America has seen its haul from net interest income get compressed as the Federal Reserve boosted rates over the past two years. Now that the Fed is easing rates, analysts will be keen to understand how that will impact the bank.

NII, which is one of the key ways that banks make money, is the difference between what a bank earns on loans and investments and what it pays depositors for their savings.

JPMorgan Chase and Wells Fargo on Friday posted earnings that topped estimates, helped by their investment banking operations. Goldman Sachs and Citigroup are also scheduled to report results Tuesday, while Morgan Stanley will disclose earnings Wednesday.