Paul J. Davies, Columnist

Citigroup’s Goal Is Clearer, But Getting Started Is Hard

A disappointing fourth quarter shows the uphill battle for CEO Jane Fraser's ambitious reorganization plans.

January 12, 2024 at 7:10 PM UTC

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Promises to keep. Citigroup CEO Jane Fraser with Bank of America’s Brian Moynihan and JPMorgan’s Jamie Dimon — Promises to keep. Citigroup CEO Jane Fraser with Bank of America’s Brian Moynihan and JPMorgan’s Jamie Dimon
Photographer: Saul Loeb/AFP via Getty Images

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For all the talk of soft landings, things still look pretty bumpy for Citigroup Inc. It stood out among four big US banks Friday by reporting a surprise loss in the final quarter of 2023 and missing expectations on several other fronts.

There were wrinkles in the earnings at all four lenders, including the nearly $9 billion they collectively had to pony up in special funding for the Federal Deposit Insurance Corp. Even pack-leader JPMorgan Chase & Co. came in below forecasts for fourth-quarter profits, although it still recorded the greatest full-year profit in US banking history at $49.6 billion.