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Citigroup profit beats estimates on investment banking boost, shares rise

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NEW YORK, Oct 13 - Citigroup's profit was broadly steady and beat third-quarter estimates on Friday as it benefited from a surge in trading revenue and investment banking fees.

Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. The gains were a bright spot after several quarters of depressed dealmaking. "If you look back in history, it shows that the ability to tame inflation really does require labor market loosening, resulting in higher unemployment and a recession. But ... the U.S. keeps surprising us with its resilience," Mason said.

Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses. The new structure is not yet reflected in the third-quarter results. Fraser has said there was"no room for bystanders" as the bank embarked on its biggest overhaul in almost two decades. The changes are being rolled out at a time of economic uncertainty that has weighed on some of Citi's key businesses like trading.

 

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