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Citigroup’s profit tumbled 36% in the second quarter as weakness in the Wall Street bank’s trading business blunted gains from its personal banking and wealth management unit.
Wall Street traders have hit a rough patch, joining investment bankers whose businesses have been weighed down for months by a slump in dealmaking.
Citi’s markets revenue fell 13% to $4.6 billion on more subdued activity in fixed income and equities, while its investment banking fees plunged 24% to $612 million.
While its Wall Street operations dragged, the lender’s consumer business helped partly offset some of the weakness.
Revenue from its personal banking and wealth management division climbed 6% to $6.4 billion, including an 8% gain for branded cards to $2.4 billion.
Net income sank to $2.92 billion, or $1.33 per share, in the three months to June 30, the bank reported on Friday. That compares with $4.55 billion, or $2.19 per share, a year earlier.
In contrast, earlier in the day, JPMorgan Chase posted a 67% jump in profit as it earned more from interest payments and also benefited from the purchase of First Republic Bank, while Wells Fargo reported a 57% rise in profit.
First Published: Jul 14 2023 | 6:00 PM IST
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