Citigroup's Q2 2024 results exceeded expectations, with earnings of $1.52 per share and revenue of $20.14 billion. 

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This performance was driven by a 60% surge in investment banking revenue, though the company faced challenges in regulatory compliance and a decline in fixed income revenue.

“Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,” Citigroup CEO Jane Fraser said in the release. “Markets had a strong finish to the quarter leading to better performance than we had anticipated.”

Citigroup was just this week rebuked for failing to fix its regulatory shortfalls.

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Last year, Fraser announced plans to simplify the management structure and reduce costs at the third-biggest U.S. bank by assets. But earnings will take a backseat if Citigroup cannot appease regulators’ concerns about its data and risk management.  

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JP Morgan (JPM) also reported record profits and 25% profit growth, fueled by increased M&A activity.