SaltWire's Atlantic regional weather forecast for October 13, 2023 | SaltWireNEW YORK - Citigroup's profit was broadly steady in the third quarter, fueled by rising interest payments and surging investment banking fees.
Revenue at Citi's institutional clients group that houses its Wall Street operations increased 12% from a year ago, fueled by a jump in investment banking fees. The gains were a bright spot after several quarters of depressed dealmaking.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.
Expenses rose due to rising costs and investments in control systems. The expenses included severance payments for employees who were laid off during the sale of its international businesses.