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Citigroup’s profit exceeds market expectations on robust investment banking

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Citigroup’s investment banking arm had a strong quarter on the back of a frenzy in merger and acquisition activity

. Revenue in the Institutional Clients Group rose 4 per cent, driven by a 43 per cent surge in investment banking fees.

Citigroup said earlier on Friday it had agreed to sell its consumer businesses in Indonesia, Malaysia, Thailand and Vietnam to Singapore-based lender United Overseas Bank. The bank has incurred higher costs for several quarters to fix the issues regulators identified in its controls systems, leading to questions from investors on how much money and time the remedies will require.

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