Citigroup profit beats expectations on trading boom

Published by
Reuters

(Reuters) -Citigroup Inc posted a smaller-than-expected 27% drop in quarterly profit on Friday as the third-largest U.S. bank’s trading desk cashed in on increased market volatility, cushioning a slump in investment banking. Revenue at the markets business jumped by a quarter to $5.3 billion, thanks to volatility in the commodities and foreign exchange markets – a particularly strong segment for the bank. Trading has emerged as a bright spot for Wall Street banks this quarter as clients look to rebalance their portfolios in the face of geopolitical tension, surging inflation and fears that agg…

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