News Formal

Citigroup’s profit holds steady as investment banking fees jump

  • 📰 fmtoday
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The lender’s net income rose to US$3.5 billion from a year ago.

NEW YORK: Citigroup’s profit was broadly steady in the third quarter, fuelled 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, fuelled by a jump in investment banking fees.Citi’s overall revenue climbed 9% to US$20.1 billion. CEO Jane Fraser announced a sweeping reorganisation last month that will disband ICG and give her more direct oversight over the company’s businesses.Expenses rose due to rising costs and investments in control systems.

Citi has not yet announced the expected headcount reduction and expected savings with the reorganisation that will reduce management layers and prompt layoffs across its businesses.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China stocks rise as state fund boosts stake in ‘Big Four’ banksCentral Huijin, the state-owned investment firm, signals ‘continuous investment’ with plans to increase holdings.
Source: fmtoday - 🏆 5. / 72 Read more »