Citigroup has embarked on a powerful turnaround, cementing its status as a banking giant with a remarkable fourth-quarter performance in 2024. Under the astute leadership of CEO Jane Fraser and CFO Mark Mason, the bank is making headlines not just for its strong financial results but for the strategic resilience that underscores its transformation. The Q4 announcement is more than just numbers—it’s a narrative of recovery and ambition, signaling a promising future.
On January 15, 2025, Citigroup reported a net income of $2.86 billion for the fourth quarter, a dramatic shift from the $1.84 billion net loss seen a year earlier. Last year’s losses were linked to restructuring efforts aimed at repositioning the bank for long-term growth. Revenue for Q4 stood at an impressive $19.58 billion, reflecting 12% year-over-year growth and surpassing analysts’ expectations of $19.49 billion. Earnings per share (EPS) followed suit at $1.34, beating estimates of $1.22.
The bank’s broader success for 2024 was equally striking, with $12.7 billion in full-year net income—a nearly 40% increase compared to 2023. These results characterize not just recovery but also a strong foundation for growth.
Citigroup’s stellar performance can be attributed to robust gains across key business units. The wealth management division led the charge with a 20% revenue increase, while the services business posted 15% growth. U.S. Personal Banking achieved record-breaking results, showcasing the effectiveness of Citigroup’s diversified approach.
Investment banking was another standout, with revenue jumping 35% year-over-year to $925 million, driven by solid corporate debt issuance. The Markets division boasted an impressive 36% growth in revenue, reaching $4.58 billion. Fixed income markets were a particular bright spot, generating $3.48 billion and outpacing expectations across the board.
CEO Jane Fraser has been at the forefront of Citigroup’s transformation, guiding the bank through rigorous restructuring efforts and ambitious long-term goals. While acknowledging the importance of achieving sustainable growth, Fraser emphasized the journey ahead. “This is a waypoint, not a destination,” she stated, underscoring Citigroup’s dedication to exceeding even its ambitious targets.
One area of focus is improving return on tangible common equity (RoTCE), projected to hit 10–11% by 2026, slightly below the bank’s medium-term goal of 11–12%. Fraser stressed the importance of balancing speed with precision as Citigroup continues its transformation, ensuring sustainable results.
Citigroup’s stock delivered impressive returns in 2024, rising nearly 37% and outpacing several key competitors. Positive momentum carried forward into early 2025, with shares climbing over 4% before the Q4 earnings announcement and surging another 6.3% after the results went public.
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