Core Insights - Citygroup reported a strong quarter with record revenue across all business lines, indicating successful transformation under CEO Jane Frasier [2][3][9] Financial Performance - Earnings per share (EPS) came in at $1.86, a 23% increase year-over-year, while revenue reached $22.1 billion, up 9% year-over-year [3] - The stock has outperformed the S&P 500 year-to-date, rising over 30% [3] Business Segment Performance - Banking revenue rose by 34%, driven by increased deal activity and advisory fees, with the IPO market experiencing its strongest quarter since 2021 [4] - Fixed income and services segments also showed growth, with fixed income up 15% and services up 7% [5] - Wealth management grew by 8%, and retail banking increased by 7%, reflecting broad-based strength across demographics [6] Expense Management - Expenses increased due to the partial sale of the Banamex stake and higher compensation costs associated with hiring new dealmakers and tech talent [7] Market Context - Despite strong earnings, macroeconomic headwinds between the US and China may impact overall market sentiment [2]