Citigroup initiated a major transformation plan in 2024 in an effort to unlock value and drive higher returns. Management backed that initiative up by announcing a new $20 billion stock buyback program.

Citigroup Inc. said it will repurchase $20 billion worth of its stock in the coming years — unleashing billions of excess capital the bank had been keeping on hand in order to meet a key ask from shareholders.

Citigroup stock is soaring Wednesday after the big bank topped earnings expectations and unveiled a massive stock buyback program. Here's why that's important.

Citigroup swung to a profit in the fourth quarter, fueled by strength in trading and a recovery in dealmaking that drove up investment banking fees. Trading desks at the banks benefited from a banner year in U.

Wall Street banks JPMorgan Chase, Goldman Sachs and Citigroup notched up strong rises in profits at the end of last year, powered by a boom in trading and dealmaking. JPMorgan’s net earnings rose 50 per cent per cent to $14bn,

Citigroup reported earnings of $1.34 per share for the fourth quarter, surpassing Wall Street estimates of $1.22. A year ago, the bank posted a loss of $1.16 a share. Shares rose 3.6% in premarket trading.

Hello and welcome to Citi's fourth quarter 2024 earnings call. Today's call will be hosted by Jenn Landis, head of Citi investor relations. [Operator instructions] Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

Citigroup's Q4 earnings will be closely watched, particularly its total expenses and credit quality, as it aims to streamline operations. Read my earnings preview.