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Citigroup’s profit holds steady as investment banking fees jump

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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.

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