Citigroup Reports Earnings Below Long-Term Pivots

Citigroup Inc. (C) is the fourth largest of the four "too big to fail" money center banks and has total assets of $1.398 trillion at the end of Q2, down from $1.407 trillion in Q1 2018. This continues a troubling trend in which the nation's biggest banks are reducing lending. Based on share price weakness, the risk is that this trend continued in the third quarter. Citigroup shares closed Wednesday, Oct. 10, at $69.95, down 6% year to date and in correction territory at 13.3% below the 2018 high of $80.70 set on Jan. 29. The stock is 8.7% above its 2018 low of $64.38 set on June 26. Citigroup is set to report quarterly earnings before the opening bell on Friday, Oct. 12. Analysts expect the banking giant to report earnings per share between $1.67 and $1.73. As one of the four biggest banks, Citigroup is involved in all phases of banking in the U.S. and around the world.