Citigroup sent mixed messages to Wall Street this afternoon after posting higher-than-expected earnings as well as declining revenues.
The New York giant’s share buybacks helped it post earnings per share of $1.87, trumping Refinitiv estimates of $1.80 per share and marking an 11 per cent improvement on the previous year.
Chief executive Michael Corbat said: "Our earnings reflect the progress we are making to improve our return on and return of capital. We remain committed to executing our strategy and continuing to make steady progress towards our financial targets."
Meanwhile, advisory and investment-grade debt underwriting boosted the group’s investment banking revenue, which climbed 20 per cent to $1.4bn (£1.07bn).
The bank’s boardroom has seen a number of major changes in recent months, with its finance chief and several regional heads departing late last year.
On Thursday the firm’s president Jamie Forese, who was tipped as a potential successor to current boss Corbat, announced plans to retire after more than three decades at Citigroup.
The results come on the same day as Goldman Sachs saw profits fall by 20 per cent in the first quarter as revenues dropped in the bank's trading and equities arms due to activity being limited by lower market volatility.
Read more: Goldman Sachs profits fall 20 per cent