Citigroup climbs after beating expectations despite a $22 billion tax hit
- Citigroup's stock climbed after reporting strong earnings that beat analysts' expectations.
- The major banks are expected to post some losses after provisions in the new tax law.
- Shares of the major banks were up in pre-market trading.
- View Citigroup's real-time stock price here.
Shares of Citigroup jumped 3.10% to $79.22 on Tuesday before the bell after the bank reported earnings that beat Wall Street expectations.
The bank posted adjusted earnings of $1.28 a share, above analysts' expectations of $1.19 a share. Yet the financial institution booked a one-time, non-cash charge of $22 billion, or $8.43 per share, due to the tax law.
Wall Street is anticipating a somewhat turbulent quarter as a result of the tax law. Many banks are expected to book short-term losses because of repatriated cash and deferred tax assets that declined in value.
JPMorgan, Wells Fargo and PNC Financial were the first of the big banks to post earnings on Friday. JPMorgan posted a strong quarter despite taking a $2.4 billion hit from tax reform, while Wells Fargo was boosted by tax reform.
Some of the major banks are listed below with their current trading price. Click on each name to go to their real-time chart. You can also see when the other banks report their earnings here.
- JPMorgan (JPM) +0.82% @ $113.59
- Wells Fargo (WFC) +0.63% @ $62.94
- PNC (PNC) -0.19% @ $151.55
- Bank of America (BAC) +2.15% @ $31.85
- Citigroup (C) +3.10% @ $79.22
- Key Corp (KEY) +1.56% @ $21.76
- Capital One (COF) +1.14% @ $106.64
- BB&T (BBT) +1.43% @ $53.90
- SunTrust (STI) +0.68% @ $69.36
- Goldman Sachs (GS) +1.05% @ $259.72
- Morgan Stanley +0.45% @ $55.37
