Citigroup (NYSE:C) reported its Q2 earnings results on Friday, with EPS of $1.33 beating the Street estimate of $1.30. Revenue came in at $19.4 billion, above the Street estimate of $19.27 billion, and representing a 1% decline year-over-year. Shares dropped more than 4% on Friday.
Although Citi’s U.S. personal banking division experienced expansion, this growth was offset by weakness in its investment banking and markets unit. Specifically, markets revenue decreased by 13% to $4.6 billion, and investment banking fees saw a significant drop of nearly a quarter to $612 million.
The company announced a decline in profits for Q2 due to a decrease in deal activity affecting its investment banking division. However, this decrease was partially offset by growth in its personal banking segment.