Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Citigroup's earnings beat Thursday is "the big turnaround story for the large-cap banks," RBC Capital Markets' Gerard Cassidy said.
The third biggest U.S. bank by assets reported a 16 percent jump in quarterly profit, beating analysts' estimates, as legal and restructuring costs plunged.
Citi has been cutting costs and simplifying its structure by selling retail operations in a number of countries, shrinking its U.S. branch network and selling noncore businesses.
"This is ... the big turnaround story for the large-cap banks, and Citi delivered on lower expenses, lower costs, and so the turnaround is continuing as expected," said Cassidy, managing director of equity strategy at RBC Capital Markets.
The bank's shares rose more than 1 percent in early trading Thursday. Year to date, the bank's stock is roughly in line with the performance of the S&P 500's financial sector.
The stock is still very attractive on a valuation basis, and the earnings report is further evidence that Citi's senior management team is making progress, Cassidy said in an interview with CNBC's "Squawk Box."
The company posted first-quarter earnings per share of $1.52, up from $1.23 in the year-earlier period.
Revenue for the quarter came in at $19.809 billion, against the comparable year-ago figure of $20.12 billion.
Analysts expected Citigroup to report earnings of $1.39 a share on $19.82 billion in revenue, according to a consensus estimate from Thomson Reuters.
Legal and restructuring costs plunged to $403 million in the first quarter ended March 31 from $1.16 billion a year earlier.
Like other Wall Street banks, Citi has been hit by high legal expenses related to bad mortgage dealings and trading scandals in the aftermath of the financial crisis.
While Cassidy expects continued improvement among big banks as they lower expenses, he said higher interest rates will eventually be the swing factor for driving revenue growth.
"These companies are getting leaner and meaner because ... we're not going to see a rate increase any time soon," he said.
Citigroup has exited or is exiting consumer businesses in countries including Japan, Turkey, Czech Republic and Hungary.
Citi announced in February it cut Chief Executive Michael Corbat's pay by about 7 percent in 2014, a year in which the bank's profit nearly halved due to higher legal costs and a slump in bond trading.
—Reuters contributed to this report.
DISCLOSURE: Neither Cassidy nor his family owns Citigroup stock. RBC Capital Markets does not own greater than a 1 percent share of the stock or provide investment banking services to Citigroup.