Citigroup shares outperform down market after Trump endorsement

Citigroup outperformed the broad market as well as some other major bank stocks Wednesday after President Donald Trump lauded the bank and its CEO Jane Fraser in a social media post.

At 9:30 a.m. ET, Trump praised Citigroup on Truth Social, writing: “Wow! CITI was ranked Number 1 in topping M&A Advisory Market by Value in Q1. Congratulations to Jane F and ALL of her great people. They’ve worked really hard! BIG comeback for CITI!!! President DONALD J. TRUMP”

The president’s post went up just as the stock market was opening, and at one point Citigroup shares touched a high of $137.12, up almost 1.8%. By the end of the day, however, Citi fell 1%, still less than JPMorgan and Goldman Sachs and the S&P 500.

It wasn’t immediately clear which investment banking league rankings President Trump was referring to. So far in 2026, for example, Goldman Sachs, JPMorgan, Morgan Stanley and BofA Securities all rank ahead of Citigroup in the latest Global M&A Advisor Ranking on Dealogic, a leading financial analytical platform.

While Goldman Sachs was the lead advisor on 196 deals worth a combined $992.3 billion this year, Citi was the lead on 97 deals worth $285.3 billion.

In fact, according to Dealogic, Citigroup has fallen to number 5 among leading mergers and acquisitions advisors in 2026, down from number 4 in 2025.

Leon Kalvaria, Citigroup’s global chair for banking, appeared on Fox Business News early Wednesday, where he was asked about Citi’s position as the leading advisor on power sector deals. Citi advised on four deals worth a combined $41.4 billion in the energy industry so far in 2026, according to Global Data Financial Deals Database.

What is clear is that Citigroup stock has outperformed the S&P 500 this year, climbing 14.3% against an S&P 500 gain of 6.2%, according to FactSet data. By contrast, Wells Fargo is down 12.1%, JPMorgan is lower by 4.1% and Bank of America is off 1% in 2026. Goldman is 13.9% higher, also trailing Citi.

Citigroup is in the midst of a multiyear turnaround under Fraser, involving streamlining business units, cutting jobs and focusing on high-margin markets and services. The stock has risen for three straight years after jumping more than 70% in 2025, almost 42% in 2024 and 19% in 2023.