Citigroup profit jumps 40% on stronger banking revenue
In short
Citigroup said third-quarter profit jumped 40% from a year earlier. Investment banking revenue rose 9%, while trading revenue fell and credit card profits dropped because of higher costs and loan-loss provisions.
The results show strength in some businesses and weakness in others. The report does not give the exact profit figure or say how much the restructuring has left to do.
What the reporting says
Citigroup reported a 40% year-over-year rise in third-quarter profit, supported by higher investment banking, services and wealth revenue. The summary also says trading revenue fell on unstable market conditions and credit card profits declined because of higher costs and loan-loss provisions. The report does not give the profit amount or say how far the restructuring has progressed.
Why it matters
Citigroup reported a 40% increase in third-quarter profit year over year, with gains in investment banking, services and wealth offset by weaker trading and credit card results. The summary says investment banking rose 9% but fell sharply from the prior quarter, and that higher costs and loan-loss provisions hurt card profits. The company is also completing a multi-year restructuring.