Citigroup Shares Rise After Earnings Beat on Strong Dealmaking Rebound

Core Insights - Citigroup Inc. reported stronger-than-expected third-quarter earnings driven by a rebound in dealmaking across all major business segments [1][4] Financial Performance - The bank's net income increased to $3.8 billion, or $1.86 per share, compared to $3.2 billion, or $1.51 per share, in the same period last year [2] - Adjusted earnings per share, excluding a goodwill impairment, reached $2.24, surpassing the $1.75 consensus estimate [2] - Revenue grew 9% year-over-year to $22.1 billion, exceeding expectations [3] Business Segment Performance - All five of Citigroup's core businesses achieved record quarterly revenue, with significant contributions from investment banking, trading, and wealth management [3] - Banking revenue surged 34%, while markets revenue increased 15% despite subdued volatility [3] Shareholder Returns - The bank returned over $6 billion to shareholders during the quarter through dividends and share repurchases [3] Strategic Progress - The results reflect progress on the company's transformation strategy and the benefits of renewed corporate activity, particularly in merger and capital markets [4]