Citigroup (C) exceeded analyst expectations in the second quarter, reporting revenue of $20.14 billion and an adjusted EPS of $1.65, surpassing projections of $20.11 billion and $1.39, respectively. Anchored by its wealth management business, Citigroup saw gains in lending and net interest income. Despite concerns about credit quality and cost-cutting measures, the company's ability to cater to wealthier customers proved vital in its earnings success. CEO Jane Fraser's turnaround efforts and regulatory challenges remain key focuses for investors. Notably, the equity markets division showed significant growth, with revenue from equity derivatives leading a 37% year-over-year increase. As Citigroup continues its transformation under Fraser's leadership, the market remains optimistic but cautious about its future prospects.