Citigroup climbs after beating expectations despite a $22 billion tax hit
- Citigroup's stock climbed after reporting strong earnings that beat analysts' expectations.
- The major banks are expected to post some losses after provisions in the new tax law.
- Shares of the major banks were up in pre-market trading.
- View Citigroup's real-time stock price here.
Shares of Citigroup jumped 3.10% to $79.22 on Tuesday before the bell after the bank reported earnings that beat Wall Street expectations.
The bank posted adjusted earnings of $1.28 a share, above analysts' expectations of $1.19 a share. Yet the financial institution booked a one-time, non-cash charge of $22 billion, or $8.43 per share, due to the tax law.
Wall Street is anticipating a somewhat turbulent quarter as a result of the tax law. Many banks are expected to book short-term losses because of repatriated cash and deferred tax assets that declined in value.
JPMorgan, Wells Fargo and PNC Financial were the first of the big banks to post earnings on Friday. JPMorgan posted a strong quarter despite taking a $2.4 billion hit from tax reform, while Wells Fargo was boosted by tax reform.
Some of the major banks are listed below with their current trading price. Click on each name to go to their real-time chart. You can also see when the other banks report their earnings here.
- JPMorgan (JPM) +0.82% @ $113.59
- Wells Fargo (WFC) +0.63% @ $62.94
- PNC (PNC) -0.19% @ $151.55
- Bank of America (BAC) +2.15% @ $31.85
- Citigroup (C) +3.10% @ $79.22
- Key Corp (KEY) +1.56% @ $21.76
- Capital One (COF) +1.14% @ $106.64
- BB&T (BBT) +1.43% @ $53.90
- SunTrust (STI) +0.68% @ $69.36
- Goldman Sachs (GS) +1.05% @ $259.72
- Morgan Stanley +0.45% @ $55.37
To read more about why Trump's new tax rules will cause big banks to book losses, click here.
Get the latest Bank of America stock price here.
- Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way
- Taylor Swift's 'The Tortured Poets Department' is the messiest, horniest, and funniest album she's ever made
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- The Future of Gaming Technology
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts
- Sustainable Transportation Alternatives
- 10 Foods you should avoid eating when in stress
- 8 Lesser-known places to visit near Nainital