Citi cuts return targets to spend more on regulatory fixes, plans $20 billion in buybacks

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Citi cuts return targets to spend more on regulatory fixes, plans $20 billion in buybacks

//business-finance.news-articles.net/content/202 .. gulatory-fixes-plans-20-billion-in-buybacks.html

Published in Business and Finance on Wednesday, January 15th 2025 at 18:40 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Citigroup swung to a profit in the fourth quarter, fueled by strength in trading and a recovery in dealmaking that drove up investment banking fees.

2025-01-16 210 x 110 / 6418 Bytes

Citigroup Inc reported a significant profit in the fourth quarter of 2023, driven by robust trading revenues and a surge in deal-making activities. The bank's earnings were bolstered by a 36% increase in investment banking fees, reaching $903 million, due to heightened activity in debt and equity capital markets, as well as advisory services. Additionally, Citigroup's markets division saw a 17% revenue increase, with fixed income trading up by 31% and equities trading by 1%. Despite these gains, the bank faced challenges including a $1.3 billion in charges related to the FDIC special assessment, currency devaluation in Argentina, and restructuring costs. CEO Jane Fraser highlighted the bank's strategic focus on simplifying operations and enhancing performance, aiming to navigate through economic uncertainties effectively.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/citigroup-swings-profit-trading-strength-surging-deals-2025-01-15/ ]