Citigroup reported better-than-expected second-quarter earnings, driven by a surge in trading and investment banking revenues, but its shares fell more than 4% as investors focused on the prospect of higher expenses in the second half of the year, as per a Reuters report.
The bank posted its highest quarterly revenue in a decade, with net income jumping 45% to $5.8 billion, or $3.15 per share, comfortably ahead of analysts' estimates of $2.74 per share, according to LSEG data. Revenue rose 14% year-on-year to $24.8 billion, also surpassing Wall Street expectations.
