Michael Corbat took over the reins at Citigroup one year ago. He was named the CEO after the surprise resignation of Vikram Pandit, who had steered the bank through the 2008 financial crisis and the challenging years that followed.
Corbat has slimmed down Citigroup. He has sought to make it a smaller and simpler bank, one less likely to draw extra regulatory scrutiny.
That has required cutting jobs and trimming businesses in slow-growth areas.
Citigroup released results Tuesday, which showed that reduced expenses weren’t enough to offset declining revenue in the third quarter. In the period from July through September, revenue fell to $18.2 billion compared with $19.2 billion a year ago. A key factor was that rising interest rates made mortgage refinancing less attractive, contributing to a 7 percent decline in consumer banking revenue.
Most analysts give Citigroup a buy rating, with an average target of $59 – a potential 20 percent rise from Tuesday’s close.