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business1d ago
Citi profits hit by Russia charge, after ending 2025 with strong dealmaking performance
Nypost.com and 1 more
- Citi’s profits slipped in the latest quarter, pressured by charges tied to exiting Russia, even as dealmaking activity supported earnings.
- Adjusted earnings for the quarter rose to $3.6 billion when excluding one-off items, underscoring underlying strength in core operations.
- For the full year, Citi’s net income rose about 13% to $14.3 billion on revenue of roughly $85.2 billion, signaling solid annual momentum.
- Investment banking fees surged by about 35% to $1.29 billion in the quarter, highlighting dealmaking strength within Citi’s advisory franchise.
- Citi’s board approved a plan to sell its Russian unit, AO Citibank, to Renaissance Capital, signaling a strategic pullback from the region.
- Overall markets revenues were flat to slightly lower for the quarter, while the full-year growth remained positive as trading conditions improved.
- Shareholders benefited through robust distributions, with Citi returning about $17.5 billion via dividends and buybacks in 2025.
- Industry-wide investment banking revenue rose around 15% to nearly $103 billion, underscoring a solid market backdrop for dealmakers.
- Citi remains optimistic about future dealmaking on Wall Street, aided by a more accommodating regulatory environment that could lift advisory fees.
- Citi initiated a restructuring plan that includes reducing headcount by about 1,000 roles to improve efficiency and reposition the bank.
- The new reference from The Times notes Citi’s profits declined following the sale of its Russia unit, framing the event as a key earnings hurdle and strategic pivot.
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