Here comes Citi ...
Citigroup is set to announce third-quarter earnings results at about 8 a.m. Friday.
Analysts are expecting the bank to report adjusted earnings of $1.68 per share, an 18% increase from last year.Here's what else analysts will be expecting and keeping an eye on:
- Revenue: $18.5 billion
- Net income: $4.1 billion
- Credit card improvement: The company's massive cards business has lagged expectations, and global head Jud Linville left in August. Analysts will be looking for signs that the business has turned the corner, including revenue growth and credit cost control.
- Trading revenues: Expected to come in flat compared with Q3 last year.
- Investment banking revenues: A slight dip is expected, year-over-year.
Lastly: Management changes. Citigroup has seen a wave of senior departures and structural reorgs in recent months - and a decision on who will replace Michael O'Neill as chairman is looming as well.
These are the most significant changes the bank has undergone on CEO Mike Corbat's watch, and investors will be watching for hints of any more shifts in the upper ranks.