The wave of optimism that swept over the financial services sector on Monday's news of Wells Fargo's larger than anticipated profit could crash when Citigroup (C) announces its first quarter earnings on Friday. The latest consensus estimates by Thomson Reuters is forecasting that Citi will take another bath in red ink to the tune of $1.39 billion, or 34 cents a share.
What's the tip-off that Citi won't be following Wells Fargo (WFC) and Goldman Sachs (GS) with gaudy first quarter numbers? It's Citi's silence. Both Wells and Goldman leaked their good news early this month. But Citi? Not a peep.