LIVE: Citigroup beats expectations

Citigroup announced earnings of $US1.31, topping expectations of $US1.28 a share.

The bank also posted revenue for the quarter of $US18.5 billion, which falls slightly short of analyst expectations.

Analysts were looking for revenue of about $US18.6 billion, according to analysts polled by Bloomberg, which would represent a decline from this quarter last year.

Citigroup analysts were also expecting lower trading revenue, in part based on CFO John Gerspach’s warning in September.

Analysts Bloomberg polled said they were expecting investment banking revenue of $US986 million, also down double-digits year-over-year.

So far, big banks have been disappointing with third quarter earnings. Earlier this morning, Goldman Sachs posted a miss, sending shares down before the open.

And, JPMorgan’s results on Tuesday also fell short of analyst expectations.

We’ll have more coming once Citi announces results…

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