Citigroup & JPMorgan Expect Q4 IB and Market Revenues to Rise

Citigroup's Outlook - Citigroup's CFO anticipates reaching the higher end of revenue guidance of $80-81 billion for 2024, with net interest income (NII) exceeding expectations [2][4] - Investment banking fees are projected to increase by 20-30% year-over-year in Q4 2024, while market revenues are expected to rise in the high teens percentage [3] - The bank plans to complete $1 billion in share repurchases this quarter, with $500 million already repurchased [4] - Citigroup expects positive operating leverage in 2025 and anticipates net credit losses for its retail division to be at the higher end of the 5.75-6.25% range for 2024 [4][5] JPMorgan's Outlook - JPMorgan expects investment banking fees to increase by 45% year-over-year in Q4 2024, with market revenues likely to rise approximately 15% [6] - NII for 2025 is projected to be $2 billion higher than previously estimated, with expectations of $92.5 billion for 2024 and nearly $22.9 billion in Q4 2024 [7] - Non-interest expenses for 2025 are anticipated to be $3 billion more than the previous estimate of $94 billion, with adjusted non-interest expenses expected to be approximately $91.5 billion in 2024 [8] - The company expects modest deposit growth in 2025 and low single-digit loan growth in credit cards [9][11] Stock Performance - Over the past six months, shares of JPMorgan and Citigroup have increased by 26.8% and 20.8%, respectively, compared to the industry growth of 24.7% [12]