Citi CFO Flags Cooling Deal Frenzy as Investment Banking Revenue Slides 13%
C sits 35% above its 52-week low of $95.
Summary
Citigroup's CFO Gonzalo Luchetti said the Wall Street deal frenzy is cooling after a record first half, with investment banking revenue down 13% sequentially and equity underwriting off 19% from Q2. The bank still beat Q3 estimates with EPS of $2.85 on revenue of $23.85 billion, but credit card profit fell 8% year over year as provisions for consumer-card losses hit $1.9 billion. Citigroup returned $4.1 billion to shareholders in the quarter, bringing year-to-date buybacks to $13.3 billion. The bank is nearing the end of its restructuring, with Banamex as the final major divestment and a public listing expected in 2027. This follows the Q3 earnings release earlier today and adds CFO commentary on the deal slowdown and credit pressures.
At the time of this announcement, C was trading at $127.81 on NYSE in the Finance sector, with a market capitalization of approximately $214.4B. The 52-week trading range was $95.00 to $147.96. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.