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 per cent from a year ago, fuelled by a jump in investment banking fees. The gains were a bright spot after several quarters of depressed deal making.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.
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