Citigroup is set to report third-quarter earnings – here’s what the Street expects
Citigroup is scheduled to report third-quarter earnings before the opening bell Friday.
Here's what Wall Street expects:
The potential for a global economic slowdown as central banks around the world battle inflation could hamper Jane Fraser's turnaround efforts at Citigroup.
Citigroup shares have slumped 29% this year, leaving it by far the lowest-valued among its U.S. peers.
How will Fraser, who took over at the New York-based bank last year, begin to improve the company? Fraser has announced plans to exit retail banking markets outside the U.S. and set medium term return targets in March.
Bank stocks have been hammered this year over concerns that the U.S. is facing a recession, which would lead to a surge in loan losses. Even after its restructuring, Citigroup has more overseas operations than its rivals, leaving it more exposed to slowing economies as the impact of a surging U.S. dollar ripples around the world.
Like the rest of the industry, Citigroup is also contending with a sharp decline in investment banking revenue, partly offset by an expected boost to trading results in the quarter.
JPMorgan and Wells Fargo beat revenue estimates for the third quarter. Morgan Stanley is also scheduled to report results Friday, followed by Bank of America on Monday and Goldman Sachs on Tuesday.
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