Citi(US:C) Zhi Tong Cai Jing·2026-01-14 14:03Core Insights - Citigroup reported its Q4 2025 earnings, with non-GAAP earnings per share of $1.81, exceeding market expectations by $0.19, while revenue of $19.87 billion was slightly below expectations by $580 million [1] - The revenue growth was primarily driven by contributions from banking, treasury services, U.S. personal banking, and wealth management, although partially offset by declines in "other" businesses [1] - The bank's credit loss provisions for the quarter were $2.2 billion, driven by net credit losses and additional loan loss reserves due to increased net loan activity [1] Revenue and Earnings Performance - Citigroup's Q4 revenue grew by 2.1% year-over-year, and if excluding special items related to Russia, the actual revenue growth was 8% [1] - The bank's financial advisory fees surged by 84% in Q4, contributing to a more than 50% year-over-year increase in M&A revenue, setting a historical record [2] - The investment banking fees, including debt and equity underwriting and advisory services, grew by over one-third to $1.29 billion, although still below JPMorgan's $2.35 billion [2] Management and Strategic Changes - Under CEO Jane Fraser's leadership, Citigroup has been restructuring its business to enhance competitiveness, including hiring executives from JPMorgan and Bank of America [3] - The bank is focused on cost control and has announced plans to lay off 1,000 employees to meet its human cost targets [3] - Citigroup's fixed income trading revenue reached $3.46 billion, exceeding analyst expectations, while equity trading revenue was $1.08 billion, slightly below expectations [3] Brand and Market Position - Despite recent stock price pressure due to external factors, Citigroup's branded credit card revenue grew by 5% [3] - The wealth management segment, led by an external hire, saw a 7% increase in revenue driven by private banking and Citigold services [3]