Former President Donald Trump lauded Citigroup and its CEO Jane Fraser on social media, claiming the bank was ranked number one in M&A advisory by value in Q1. This surprising endorsement occurred on Wednesday morning, causing Citigroup shares to briefly surge by almost 1.8% to $137.12. However, by the end of the day, Citi's stock fell 1%, though it still outperformed JPMorgan, Goldman Sachs, and the S&P 500 for the day. For 2026, Citigroup's stock has climbed 14.3%, significantly exceeding the S&P 500's 6.2% gain and outperforming Wells Fargo, JPMorgan, and Bank of America.
Despite Trump's claims, financial data from sources like Dealogic indicate that Citigroup is not the top M&A advisor. Dealogic reported Citi at number five among leading M&A advisors in 2026, down from number four in 2025. Goldman Sachs, JPMorgan, Morgan Stanley, and BofA Securities all ranked higher in the latest Global M&A Advisor Rankings. Goldman Sachs, for example, was the lead advisor on 196 deals worth $992.3 billion, while Citi advised on 97 deals valued at $285.3 billion. In Q1, Citigroup also ranked significantly lower, by some accounts as low as seventh place, not first.
Trump's post, which read, "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," came shortly after a Fox Business interview with Citigroup's global chair for banking, Leon Kalvaria. During this segment, a banner on the screen indicated Citi was the leading advisor in power-sector deals—a specific niche within the overall M&A market—for Q1. It appears Trump may have misinterpreted this specific ranking for an overall top position, a fact that surprised Goldman Sachs executives who had been touting their own significant lead in M&A advisory rankings. Citigroup has also recently brought on former JPMorgan banker Vis Raghavan to bolster its investment banking unit as part of Fraser's turnaround plan, which has seen the stock return over 200% in the past three years. Additionally, Trump's own money has found a new home at Citigroup, with his son Eric establishing a trust there.
