Citigroup Profit Steady on Investment Banking Lift

The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees.

"When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value." At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Expenses rose 6% to $13.5 billion 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.

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Citigroup profit holds steady as investment banking fees jumpCitigroup'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.
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Citigroup profit holds steady as investment banking fees jumpCitigroup profit holds steady as investment banking fees jump
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Here's what to expect from Citigroup's third-quarter earnings reportFriday’s report is the first major update since Citigroup announced a new corporate structure in September.
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Here's what to expect from Citigroup's third-quarter earnings reportFriday's report is the first major update since Citigroup announced a new corporate structure in September.
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