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Citi beats on the bottom line, misses on the top

(Citigroup CEO Michael Corbat.Larry French/AP)
Citigroup just reported fourth-quarter earnings that beat expectations, but missed on revenue.

The firm reported earnings per share of $1.14 on revenue of $17.01 billion for the quarter.

Analysts were expecting adjusted earnings per share of $1.12 on revenue of $17.26 billion, according to Bloomberg. It was initially unclear whether the earnings Citi reported were adjusted.

The beat was described as “low quality” by KBW analysts, with lower than expected expenses, provisions and tax rate helping the bank surpass estimates. 

“We had a strong finish to 2016, bringing momentum into this year,” CEO Michael Corbat said in a statement.

“We drove revenue growth in our businesses and demonstrated strong expense discipline across the firm.”

Here’s the break-down by business:

  • Trading revenues missed analyst expectations, coming in at $3.26 billion ($3.44 billion expected), excluding debt valuation adjustments.
  • Fixed income revenues missed, coming in at $2.21 billion ($2.83 billion expected), excluding debt valuation adjustments. Equity revenues also missed, at $603 million ($708 million expected), excluding debt valuation adjustments.
    • Including DVA, fixed income revenues were up 36% from the year-ago quarter thanks to strong performance in rates and currencies and spread products, according to the firm.
    • Equity trading revenues were up 15% if you include debt valuation adjustments, which the firm said reflected strong trading activity and an improvement in equity derivatives.
  • Investment banking revenues beat, coming in at $1.13 billion ($1.02 billion expected). The firm said advisory revenues decreased 2%, while debt underwriting revenues were up 4% and equity underwriting dropped 8% due to lower activity across the industry.

In the same quarter last year, Citi beat expectations, reporting adjusted EPS of $1.06 ($1.05 expected) on revenue of $18.64 billion ($17.93 billion expected).

In the third quarter, Citi also beat, reporting adjusted earnings of $1.24 per share ($1.16 expected) on revenues of $17.76 billion ($17.29 billion expected). 

Bank of America, JPMorganWells FargoMorgan Stanley, and Goldman Sachs have already reported fourth-quarter earnings.

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Why Dev Patel left London for LA after Slumdog Millionaire success

London may be the most multicultural city in the world, but Dev Patel doesn’t believe that diversity extends to the big screen. In a new interview the actor, whose breakout role in Danny Boyle’s Slumdog Millionaire earned him a Bafta nod, said he had to leave the capital for LA because of the lack of opportunities for Asian actors.

Talking about his struggles after his initial success, the 26-year-old star said that although he still calls London home, he had to move to take his career to the next level and avoid being pigeonholed.

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“It’s such a melting pot of culture. I’m glad I grew up here. I always wanted to act. When you’re growing up in Rayners Lane, that’s like saying you want to be an astronaut. But I was very lucky,” he said in an interview to Time Out Magazine.

But it hasn’t been a smooth transition. Although his name carries some weight in the industry , he still has to work hard to prove himself. “No, I haven’t found it easy. I don’t just need to be the goofy best friend,” he explained. “There aren’t enough roles for everyone – walk into any LA coffee shop and you’ll see 30 young actors. But there is a lack of good parts for the Asian community. It’s incredibly gratifying when you get a role like this.”

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His gamble has paid off though as he can next be seen starring alongside Nicole Kidman in Oscar-tipped film, Lion. The film, which secured him a Golden Globe nomination, is based on the true story of Saroo Brierley, who attempts to find his family 25 years after wandering alone onto a train and became separated from his mother and brother. “It’s incredibly gratifying when you get a role like this.”

After falling in love with the script, Patel knew he was the right man to tell Brierley’s story. “There’s pain, struggle, perseverance. Actors are hungry for a journey. We want to be absorbed into someone else’s life. I ended up knocking on the writer Luke Davies’s door. The script hadn’t even been finished and I was there, like: ‘Please, just consider me,’” he revealed.

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Initial jobless claims plunge more than expected

(Reuters/Jason Reed)
Initial jobless claims just plunged more than expected.

Claims, which provide a reading of the labor market’s health and the pace of layoffs, fell by 28,000 to 235,000.

Economists had forecast that claims would fell to 260,000, down from the prior week’s reading of 265,000.

Claims have been below 300,000 for 96 straight weeks — the longest streak since 1970. 

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Some exciting news! So honored to be asked to paint a very special Nancy Drew piece for Papercutz 10th anniversary. These will be a limited run of 250 numbered pieces and will be available for purchase at BookCon and from selected bookstores and comic book stores across the United States and Canada on May 30th. A portion of the proceeds from the sale of the prints will go to help charities including the Children’s Book Council, the Comic Book Legal Defense Fund and the Hero Initiative.

(more info at http://graphicpolicy.com/2015/05/26/papercutz-celebrates-10-years-with-a-new-print-program/)

10

New York City: Thousands march in the 11th Annual Trans Day of Action for Social and Economic Justice, June 26, 2015.

Initiated by TransJustice of the Audre Lorde Project, a Lesbian, Gay, Bisexual, Two-Spirit, Trans and Gender Non-Conforming People of Color Center for Community Organizing. 

On Friday, June 26, 2015, Trans and Gender Non-Conforming (TGNC) People of Color (POC) and allies took to the streets of New York City once again and demanded ‪#‎justice4allofus‬! 

This year we are excited to celebrate our victory with the Sylvia Rivera Law Project and Make The Road New York in the Medicaid Campaign, as well as rise up to show our solidarity and strength together. We will also honor and continue the struggle for justice, liberation, and recognition for all oppressed people across the globe.

We as TGNC People of Color (POC), recognize the importance of working together alongside other movements to create the world we want to see. We live in a time when oppressed peoples including people of color, people who are currently and formerly incarcerated, immigrants, youth and elders, people with disabilities, women, TGNC people, and poor people are underserved, face higher levels of discrimination, heightened surveillance and experience increased violence at the hands of the state. 

Let’s come together to let the world know that TGNC rights will not be undermined and we will not be silenced!

Photos by G. Dunkel

5

Another trans person has been found dead in Texas

Texas is the scene of a disturbing trend. On Friday, Veronica Banks Cano, a transgender woman, was found dead in a San Antonio motel bathtub, making her the third known trans person of color to die or go missing in the state this year.

On Jan. 22, 43-year-old Latina woman Monica Loera became the first trans person of 2016 to be killed when a man shot her at her home in Austin. Local media outlets used male pronouns to refer to Loera in their initial reporting.

Days earlier, Dallas resident Nino Jackson, a 26-year-old trans black man disappeared; about three weeks later, authorities found his body in a lake. A spokesperson for the Rowlett Police Department said police believe it was a suicide.

You can directly help Cano’s friends and family in this tough time.