On April 15, 2019, Citigroup provided the report of its first quarter which had mixed results. The company stated that though the earnings have increased it is suffering from a decline in the revenue.
The company has registered a rise in investment revenue but it has to face loss in fixed income as well as equity trading amount. During a press conference, the CEO of Citigroup said that the earnings of the firm are proof of their excellent performance. He also said that the firm will keep on following its present strategy and will make genuine progress on various financial targets.
The company also registered a spike in loans as well as deposits. Citigroup is acquiring a steady rise of about 11% in earning, on a yearly basis. Contrary to this, the company has witnessed a fall of about 2% in the equity trading business. The revenue of equity trade of Citigroup fell by 24%. One of the spokesperson of Citigroup stated that this occurred due to decreased volume in the market and financial balances of clients.
While making a press statement, CFO of Citigroup said that the company will perform better in upcoming quarters. Just after Citigroup provided its first-quarter report, its shares fell down by 0.1%. On April 11, 2019, Citigroup retired its President Jamie Forese. One of the spokesperson of Citigroup also stated that Mr. Forese could be the next CEO of the company. Mr. Forese had been working as a president of Citigroup for the last three years. Jamie Forese had made big contributions for the company in the past which had helped it in raising revenue and client base.
Through equity trading, Citigroup made $842 million which was around $98 million less has been predicted by analysts. Citigroup got a profit through banking revenue, where the organization made $1.354 billion, analysts had forecast revenue of about $1.2 billion.