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Citigroup profit holds steady as investment banking fees jump

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Citigroup's (C.N) profit was broadly steady in the third quarter as it benefited from rising interest payments and surging investment banking fees, sending its shares up 3% in premarket trading on Friday.

Customers use ATMs at a Citibank branch in the Jackson Heights neighborhood of the Queens borough of New York City, U.S. October 11, 2020. REUTERS/Nick Zieminski/File Photoprofit was broadly steady in the third quarter as it benefited from rising interest payments and surging investment banking fees, sending its shares up 3% in premarket trading on Friday.

"We announced consequential changes that align our organizational structure with our strategy and changes how we run the bank," CEO Jane Fraser said in a statement. The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue.The third largest U.S. lender set aside more money to cover potential bad loans, even though delinquency levels were still low compared to historical levels.

 

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