Source: Business Insider
Citigroup reported fourth-quarter earnings that bested Wall Street estimates for earnings and revenue on Tuesday morning. The firm posted a 49% gain to fixed-income trading revenue, more than double the increase analysts anticipated, according to those surveyed by Bloomberg. Citi stock traded as much as 1% higher following the report’s release. Watch Citigroup trade live here . Citigroup reported fourth-quarter earnings that beat profit and revenue expectations on Tuesday morning. The company posted a 49% gain to fixed-income trading revenue, more than double the forecasted jump, according to analysts surveyed by Bloomberg. The division was driven by a recovery in the US bond market following a summer recession scare. Citi stock traded as much as 1% higher on the report. Here are the key numbers: Revenue: $18.4 billion, versus the $17.85 billion estimate Adjusted earnings per share: $1.90, versus the $1.83 estimate Fixed-income trading revenue: $2.9 billion, versus the $2.37 billion estimate “We enter 2020 in a strong competitive position, from capital and liquidity to talent and technology,” CEO Michael Corbat said in a statement. “With increased revenues and disciplined expense management, we had positive operating leverage, even as we continued to make significant investments in the franchise.” The company is in the midst of a massive overhaul, focusing on expanding its wealth management business and reviewing its branch network.