Citigroup Kicks Off Bank Earnings This Week with These Expectations
On Monday, Citigroup (NYSE:C) will kick off the week for third quarter earnings with its pre-market report. After disappointing third quarter results from J.P. Morgan (NYSE:JPM), the market will be watching this report closely.
Wall Street analysts have forecasted a profit of $0.86 per share (with ranges from $0.52 per share up to $1.02 per share) from $19.51 billion revenues.
Investing Insights: Citigroup, Inc. Third Quarter Earnings Sneak Peek.
Last week, Citigroup’s CEO Vikram Pandit made news from his comment that the economy is not headed for a downturn.
“I don’t expect the U.S. to go into a recession,” Pandit said Wednesday morning during a wide-ranging interview with Fortune managing editor Andy Serwer. “It may not grow as much as we like it to grow, but I don’t see it slipping back.”
He also raised eyebrows with his sympathy for the Occupy Wall Street protests for high unemployment, government debt and the current economy. In the same Fortune interview, Pandit said,
“Their sentiments are completely understandable,” he says. “The economic recovery is not what we all want it to be.”
In response to the upcoming earnings report, Citigroup’s stock closed up 2.75% to $28.40 on Friday. Shares are down 39.96% year to date. The stock has traded in a 52-week range between $21.40 and $51.50. Citi reported second quarter earnings of $1.09 per share, which exceeded expectations.
Investing Insights for You: Will Bank Profits Disappoint Investors?