Despite the better-than-expected results, shares of the bank closed down 0.2% for the day. Citigroup's stock is now down more than 8% for the year.

Among other banks that reported quarterly results on Friday morning, and both showed stronger-than-expected revenue numbers in their .

Citigroup reported $1.84 billion in total cost of credit at the end of the quarter, up slightly from $1.82 billion at the end of the second quarter and $1.37 billion a year ago. That metric includes a net build of $125 million in the allowance for credit losses during the third quarter. Analysts were expecting total cost of credit to reach $1.96 billion, according to FactSet's StreetAccount.

"The global macro backdrop remains a story of desynchronization. In the US, recent data implies a soft-landing, but history would suggest otherwise and we are seeing some cracks in the lower [credit score] consumer. In the euro area and the UK, the picture turned distinctly more negative," Fraser said on a call with analysts.

Friday's earnings report includes the period during which Fraser announced the bank would be , the latest change for the CEO since taking over in March 2021. Fraser said Friday that the changes should be completed by early 2024 and create financial benefits down the line.

"While expense is not the primary driver of the organizational changes, they will help us start bending the expense curve in the fourth quarter of next year," Fraser said.

The new structure, , is expected to include job cuts. CFO Mark Mason declined to give guidance on head count during Friday's call.

Citigroup's net interest margin for the quarter was 2.49%, above the 2.41% expected, according to FactSet's StreetAccount. Mason said that the company expects its 2023 full-year net interest income to come in slightly above previous guidance.

Another initiative under Fraser has been Citi selling off its retail banking business in some international markets. The latest move on that front came on Oct. 9, when the bank that it had struck a deal to sell its onshore consumer wealth portfolio in China. Fraser said Friday that the bank expects to close sale of Indonesia consumer business in the fourth quarter.