Citigroup's earnings Tuesday (Oct. 15) echo the sentiment of other banks that have reported in the past few days: Investment banking and trading revenues were up.
Sen. Elizabeth Warren called for growth restrictions on Citi due to long-standing data issues. Citi CEO Jane Fraser denied the prospect of an asset cap after being pressed by two analysts.
Citigroup Inc. (NYSE:C ) Q3 2024 Earnings Conference Call October 15, 2024 11:00 AM ET Company Participants Conference Call Participants Operator Hello, and welcome to Citi's Third Quarter 2024 Earnings Call. Today's call will be hosted by Jenn Landis, Head, Citi Investor Relations.
Shares of major US banks have shown resilience after reporting their third-quarter financial results, and this momentum may continue through the end of the year and into 2025, according to Anton Schutz, President and Chief Investment Officer of Mendon Capital Advisors.
Citigroup beat revenue and earnings expectations, driving shares higher. Despite rising borrowing costs, increased deposits and improved loan performance are set to boost Citigroup's net interest income and earnings. Citigroup's shares are undervalued, trading at the lowest PE ratio among big banks and at a 25% discount to tangible book value.
Goldman Sachs earnings easily beat, while Bank of America and Citigroup earnings also topped. Goldman and BofA are set to extend breakouts while Citi nears a buy point.
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