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Citigroup’s Q2 Financial Results Beat On Top And Bottom Lines

Citigroup (C) has reported second-quarter financial results that topped Wall Street expectations on the top and bottom lines.

The third-biggest U.S. bank by assets reported earnings per share (EPS) of $1.52 U.S. versus $1.39 U.S. that had been the consensus forecast among analysts.

Revenue in the April through June quarter totaled $20.13 billion U.S., topping estimates of $20.07 billion U.S.

As was the case with fellow lenders JPMorgan Chase (JPM) and Wells Fargo (WFC), Citigroup attributed the better-than-expected results to a resumption of deal activity on Wall Street.

The big U.S. banks are benefitting from a return of mergers and acquisitions (M&A) and initial public offerings (IPOs) that had gone dormant during the 2022 bear market.

Trading activity at the banks has also picked up with equity markets in the U.S. at record highs.

Citigroup said it saw a 60% increase in its investment banking revenue during Q2 of this year. Markets revenue rose 6% to $5.1 billion U.S., driven by a 37% jump in equities trading revenue.

The bank’s positive Q2 results come as it undertakes an overhaul aimed at reducing its international exposure, simplifying its management structure, and reducing costs.

Citigroup has announced plans to cut its workforce by 20,000 employees over the next two years.

The results from the largest U.S. banks kick-off Q2 earnings season. Other lenders, including Bank of America (BAC) and Morgan Stanley (MS), will report their results in coming days.

Citigroup’s stock has increased 38% over the last 12 months to trade at $65.71 U.S. per share.