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.

Citigroup Inc.’s C fourth-quarter 2024 adjusted net income per share of $1.34 surpassed the Zacks Consensus Estimate of $1.25. The company had incurred a loss of $1.16 in the fourth quarter of 2023. For 2024,

The megabank reported achievements in several areas, but lowered its 2026 expectations for a profitability metric that investors have been closely watching.

Shares of the third-largest U.S. lender were last up 5% in premarket trading on Wednesday after Citigroup said its board has authorized a new share repurchase program. "2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses,