Citigroup had a difficult second quarter. Here are the highlights:
Earnings fell 36% to $2.92 billion, or $1.33 per share. Analysts had expected $1.31.
Revenue fell 1% to $19.44 billion. Analysts had expected $19.34 billion.
In the institutional clients group, which includes investment banking and trading, revenue fell 9% to $10.44 billion.
Trading revenue fell 13%, with fixed income trading down 13% and equities trading down 10%.
In investment banking, which includes fees from mergers and the sale of company stock and debt, revenue fell 24% to $612 million.
Its business, which banks and helps big corporations around the world move money, continued to benefit from rising interest rates and cash flows, and reported a 15% increase in revenue to $3.5 billion.
In its consumer banking and wealth management division, revenue rose 6% to $6.4 billion.
The profitability metric that Citi investors are most focused on, return on tangible equity, fell to 6.4% from 11.2% a year earlier.
Expenditure rose 9% to $13.57 billion, in part due to increased severance pay as a result of job cuts.
Results were weighed down by charges from the consumer businesses from which Citigroup is exiting around the world, including Mexico. Citigroup said excluding those costs, the company would have made $1.37 per share.