Citigroup Reports 46% Decrease in Net Income During Q1 2022

Citigroup Inc yesterday reported its financial figures for the first quarter of 2022, revealing a drop in revenues compared to the same period in 2021.

More specifically, the bank registered a net income of $4.3 billion, 46% lower compared to $7.9 billion from a year earlier. Per diluted share for the last quarter reached $2.02, down by 44% compared with last year's $3.62. Revenues came in at $19.2 billion, showing a 2% YoY decrease. That number for the corresponding period in 2021 was $19.7 billion. The operating expenses in Q1 2022 reached $13.2 billion, up by 15% on a YoY basis.

In addition, Fixed Income Markets posted revenues of $4.3 billion, 1% lower than that of Q1 2021. Equity Markets revenues stood at $1.5 billion, down 4% compared to the prior year. Securities Services revenues rose to $858 million. ICG net income was $2.6 billion, decreased 51% than Q1 2021.

As Fazzaco earlier reported, Citigroup plans to create 300 new jobs​ in the Republic as it continues to build out its European banking headquarters in Dublin. The expansion plans in the Republic in 2022 include new roles in risk, audit, finance and treasury as well as technology positions in the areas of cloud computing, software engineering and blockchain