Citigroup Earnings A Mixed Bag As Earnings Up, Deals Down

Key Takeaways

• Citigroup announced a mixed bag of results for its second quarter, with revenue only just surpassing predictions and earnings per share falling
• JPMorgan and Wells Fargo fared better, with revenue and profits beating expectations
• Citigroup shares declined 4% at the news, wiping out the stock’s 2023 gains

It’s earnings report season again, and Friday brought us three of the major U.S. banks’ results – Citigroup, JPMorgan and Wells Fargo. Deal-making continues to plague the sector’s profitability as the global decline in M&A activity drags on, but retail divisions have enjoyed a boost thanks to increased interest rates on loans.

The banking sector has left its springtime woes behind it, but Wall Street remains watchful for any cracks in the facade as bankers wait for the institutional side of their businesses to pick up once more. Here’s the latest.