Citigroup (C) kicked off earnings season for the big banks, beating on earnings but missing on revenue.
The bank reported adjusted earnings per share of $1.61, beating analysts’ forecasts of $1.54. Revenue for the fourth quarter came in at $17.12 billion, missing estimates of $17.55 billion. Revenue was down 2% from the previous year.
Fixed income revenues were down 21% on a year-over-year basis due to “market volatility and a resulting challenging trading environment.”
“A volatile fourth quarter impacted some of our market-sensitive businesses, particularly Fixed Income. However, our ICG accrual businesses – Treasury and Trade Solutions, Securities Services, Private Bank and Corporate Lending – continued their strong performance,” CEO Michael Corbat said, adding, “And in Global Consumer Banking, we had good underlying growth in U.S. Branded Cards and solid performance from our franchise in Mexico where we have been investing. For 2019, we remain committed to delivering a 12% RoTCE and continuing to improve our operating efficiency during the year.”
Citi reported fixed income revenue of $1.94 billion, below forecasts of $2.23 billion.
Shares of Citi slipped more than 1.5% in premarket trading.
JPMorgan Chase (JPM) and Wells Fargo (WFC) report on Tuesday, followed by Bank of America (BAC) and Goldman Sachs (GS) on Wednesday and Morgan Stanley (MS) on Thursday.
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.