Michael Corbat, CEO, Citigroup, talking on the World Financial Discussion board in Davos, Switzerland, January 21, 2020.
Adam Galica | CNBC
Citigroup is scheduled to report third-quarter earnings earlier than the opening bell Tuesday.
Here is what Wall Avenue expects:
- Earnings: 93 cents a share, a 55% decline from a yr earlier, in response to Refinitiv.
- Income: $17.2 billion, a 7.3% decline from a yr earlier.
- Buying and selling Income: Fastened revenue $3.6 billion, Equities $851 million, in response to FactSet.
Citigroup, the third-biggest U.S. financial institution by belongings, is within the midst of a significant administration change.
Final month, the financial institution introduced that longtime CEO Michael Corbat would get replaced by his deputy Jane Fraser in February, marking the primary huge Wall Avenue financial institution to have a feminine CEO.
Corbat’s departure was hastened by a sagging share worth and strain from regulators, CNBC reported final month. Final week, the financial institution agreed to pay a $400 million penalty for failing to deal with “a number of longstanding deficiencies” in its threat controls.
In addition to forcing it to enhance its threat administration, regulators can now reject acquisitions sought by the financial institution and push for modifications to administration or the board if vital.
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