(MENAFN) In the first quarter of this year, Citigroup, a prominent US-based multinational investment bank and financial services corporation, reported a notable decline in income, according to its financial results released on Friday. The company's net income for the January-March period stood at USD3.37 billion, marking a substantial decrease of 26.7 percent from USD4.6 billion recorded in the corresponding period last year. Concurrently, total revenue for the quarter amounted to USD21.1 billion, reflecting a modest decline of 1.6 percent from USD21.45 billion reported in the same period previously.
The release of these financial figures coincided with a decline in Citigroup's stock price, which dropped by 2.12 percent on the New York Stock Exchange at 12:53 p.m. EDT (1453 GMT), indicating investor reaction to the company's performance.
Similarly, Wells Fargo, another prominent American multinational financial services company, also experienced a decrease in net income during the first quarter of this year, as revealed in its financial results released on the same day. The company reported a net income of USD4.62 billion for the three-month period ending in March, representing a decline of 7.6 percent from nearly USD5 billion reported in the corresponding period of 2023. Despite this decrease in net income, total revenue for Wells Fargo slightly increased by only 0.64 percent, reaching USD20.86 billion, compared to USD20.73 billion reported during the same period last year.
In line with Citigroup, Wells Fargo's stock price also experienced a decline, albeit to a lesser extent, with a decrease of 0.18 percent on the New York Stock Exchange at 12:53 p.m. EDT (1453 GMT). This indicates a cautious market response to the financial results released by both companies, reflecting broader investor sentiment and market conditions.
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