Citigroup beat estimates for fourth-quarter profit, fueled by strength in trading and dealmaking, and announced a $20 billion buyback program as it cut a closely watched return target. Shares of the third-largest U.

Citigroup (C) reported fourth-quarter results that exceeded expectations, sending shares higher in pre-market trading Wednesday. Citi's net income for the fourth quarter was $2.86 billion, up from a loss of $1.

The bank unveiled stronger-than-expected results for the fourth quarter, in which revenue rose across all five of its main business lines.

Citigroup cut its closely watched profitability target in 2026 as it tackles rising regulatory expenses and, at the same time, announced a $20 billion share buyback program.

Citigroup stock is soaring Wednesday after the big bank topped earnings expectations and unveiled a massive stock buyback program. Here's why that's important.