Citigroup CEO Jane Fraser has finished her sweeping corporate overhaul, including thousands of layoffs — now what?
on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations.Earnings: $1.58 per share, unclear if comparable to the $1.23 estimate from LSEGThe bank said profit fell 27% from a year earlier to $3.37 billion, or $1.58 a share, on higher expenses and credit costs. Revenue slipped 2% to $21.
Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate."Last month marked the end to the organizational simplification we announced in September," Fraser said in the earnings release."The result is a cleaner, simpler management structure that fully aligns to and facilitates our strategy.the management structure and reduce costs at the third-biggest U.S.
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