"Citi's Q1 2024 Earnings: Navigating Rising Costs and Borrowing Trends"
TL;DR
Citigroup's first-quarter profit fell to $3.4 billion, or $1.58 per share, due to increased costs for employee severance and deposit insurance. The bank expects a headcount reduction of 7,000 and $1.5 billion in annualized savings from reorganization. Despite a 2% drop in revenue, the bank's services and banking divisions performed well, while trading revenue fell 7%. Citigroup also faces challenges including regulatory problems and an unsettled workforce.
- Citi profit drops as costs rise for employee severance, deposit insurance Yahoo Finance
- Citigroup (C) earnings Q1 2024 CNBC
- Citi Profit Beats as Companies, Consumers Go on Borrowing Binge Bloomberg
- Citigroup's net interest income up 4% in Q1, noninterest income up 9% MarketWatch
- Citi Earnings Will Show Whether Turnaround Efforts Are Working Barron's
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