Citigroup beats analysts’ expectations with strong second-quarter results, but regulatory challenges loom | Domestic

Citigroup’s second-quarter earnings per share beat analyst estimates, and revenue was slightly above expectations. Citigroup Chief Executive Jane Fraser is working to simplify the bank’s management structure and cut costs. Profits may take a back seat as regulators recently criticized Citigroup for failing to address regulatory shortcomings in data and risk management. Last year, the chief executive announced plans to streamline operations and cut costs at the bank.