Financials

Citigroup First Quarter 2024 Results and Key Metrics

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New York, April 12, 2024 Citigroup Inc. today reported net income for the first quarter 2024 of $3.4 billion, or $1.58 per diluted share, on revenues of $21.1 billion. This compares to net income of $4.6 billion, or $2.19 per diluted share, on revenues of $21.4 billion for the first quarter 2023. 1Q24 Financial Overview Highlights Revenues decreased 2% from the prior-year period, on a reported basis. Excluding divestiture-related impacts of $1 billion, primarily consisting of the gain from the sale ofthe India consumer business in the prior-year period, revenues were up 3% year over year. This increase in revenues was driven by growth across Banking, U.S. Personal Banking (USPB) and Services, partially offset by declines in Markets and Wealth. Net income of $3.4 billion decreased from $4.6 billion in the prior-year period, primarily driven by higher expenses, higher cost of credit and the lower revenues. Earnings per share of […]

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Citigroup’s First Quarter Profit Falls 27%, But Beats Expectations — WSJ

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By Justin Baer Citigroup reported a 27% drop in its first-quarter profit as expenses, including from the banks restructuring plans, offset revenue gains by some of its biggest businesses. The third-biggest U.S. banks shares rose 1% in early trading after the results were announced. Here are the numbers you need to know: — Citi reported net income of $3.37 billion, or $1.58 a share, compared with net income of $4.61 billion, or $2.19 a share, a year earlier. Analysts expected $1.18 per share, according to FactSet. — Revenue fell 2% to $21.1 billion from $21.45 billion. Wall Street was looking for $20.46 billion, according to FactSet. Citis revenue tally a year ago included a $1 billion gain on the sale of its consumer-banking arm in India. — Citis Services business, which provides a range of banking and treasury services for companies and investment managers, posted revenue of $4.8 billion, up

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Swiss Government Backs Tougher Rules for Banks, Causing UBS Shares to Drop

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By Louis Goss Switzerland’s government on Wednesday put forward plans that would see the country’s top banks subject to new rules aimed at preventing a repeat of the crisis that crashed Credit Suisse in March 2023, in an announcement that caused UBS shares to drop. In a 209 page document, Switzerland’s Federal Council recommended a package of 22 measures that could see new limits placed on bankers’ bonuses and see banks forced to keep more capital on their books to prevent another crash. If approved, the 22 measures could also see greater powers and more resources given to Switzerland’s banking regulator, FINMA, and see systemically important banks including UBS subject to stricter corporate governance rules. Shares in Switzerland’s top bank UBS (UBS) (CH:UBSG) fell 4% following publication of the document on Wednesday, after gaining 40% over the previous 12 months during which it acquired its main rival Credit Suisse in

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Investors Should Stick to ‘More Defensively Positioned Asset Allocation’ For Now, Wells Fargo Investment Institute Says

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Investors in the US stock market should maintain a “more defensively positioned asset allocation” while awaiting clarity on the direction of inflation and interest rates, Wells Fargo Investment Institute said in a report Tuesday. The firm advised investors to prioritize quality and liquidity in equities and fixed income and maintain broad exposure to commodities in the meantime. As headwinds emerge in the current economic cycle amid low household savings, rising credit-card delinquency rates, and the lagged effect of higher interest rates on credit-sensitive sectors, a more noticeable growth slowdown is expected in the second half of the year, the report said. Wells Fargo said the downturn is, however, being cushioned and delayed by “unusually accommodative financial conditions” amid the ongoing “rapid” disinflation in the US and an “early reprieve” from high borrowing costs. It said an “abnormally low level of financial stress” thus prevails in the economy. “Ultimately, we believe

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Morgan Stanley (NYSE:MS) Stock Analyst Ratings

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Morgan Stanley (NYSE:MS) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 04/09/2024 — JMP Securities Reiterates → Market Perform 04/05/2024 0.13% Keefe, Bruyette & Woods $91 → $94 Maintains Market Perform 04/04/2024 8.66% Evercore ISI Group $97 → $102 Maintains Outperform 03/28/2024 6.52% HSBC $96 → $100 Maintains Hold 03/27/2024 -3.06% RBC Capital → $91 Reiterates Sector Perform → Sector Perform 03/19/2024 3.33% Oppenheimer $109 → $97 Maintains Outperform 01/30/2024 16.11% Oppenheimer $106 → $109 Maintains Outperform 01/17/2024 12.92% Oppenheimer $107 → $106 Maintains Outperform 01/17/2024 13.98% BMO Capital $106 → $107 Maintains Outperform 01/17/2024 -3.06% Keefe, Bruyette & Woods $102 → $91 Downgrades Outperform → Market Perform 01/17/2024 -7.32% JP Morgan $94 → $87 Downgrades Overweight → Neutral 01/09/2024 1.2% UBS $80 → $95 Maintains Neutral 01/09/2024 0.13% JP Morgan $92 → $94 Maintains Overweight 01/09/2024 2.26% HSBC → $96 Downgrades

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MSCI Q1 Results to Modestly Beat Estimates Over ABF Strength, RBC Capital Says

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MSCI’s (MSCI) Q1 results could modestly beat estimates on the back of asset based fees, or ABF, strength, RBC Capital Markets said in an earnings preview emailed Monday. The firm said it was modeling a 15% year-over-year increase in Q1 ABF, roughly in line with the 15.9% posted last quarter. However, RBC said it was conservatively estimating Q1 revenue of $682 million, in line with consensus. Meanwhile, net new subscriptions should rise single digit year-over-year after declining for the last five quarters, the note said. RBC Capital has an Outperform rating on the company’s stock with a price target of $638. MSCI shares were up 1% in recent Monday trading.

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