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Bank gains: Bank of America, Goldman Sachs gain

Monicel
Bank gains: Bank of America, Goldman Sachs gain

Citigroup Inc. still has work to do to improve overall profitability, but its third-quarter earnings showed some positives, including positive operating leverage compared with a year ago, Moody’s Ratings said Tuesday.

“US credit card asset quality continues to weaken, but the pace of deterioration has slowed materially and we expect the charge-off rate to peak in the first half of 2025,” said Warren Kornfeld , senior vice president of Moody’s Financial Institutions Group.

He noted that Citi’s return on tangible common equity of 7.0% was down from 7.2% last quarter and remains below the bank’s ROTCE target of 11% to 12% by 2026.

Citi shares fell 2.3%.

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