FN London

Financial News

News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

Citigroup M&A fees surge as profit beats analyst targets

A 43% decline in Citigroup's vast fixed income trading unit, to $3.2bn, contributed to a 12% reduction in revenue in the second quarter

By Paul Clarke
“The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising," said chief executive Jane Fraser
“The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising," said chief executive Jane Fraser Photo: Rodrigo Capote/Getty Images

A slide in Citigroup's fixed income trading unit hit overall revenues in the second quarter, despite a surge in M&A fees in the past three months.

A 43% decline in Citigroup's vast fixed income trading unit, to $3.2bn, contributed to a 12% reduction in revenue in the second quarter. The US bank made $17.5bn in revenue, with profits of $6.2bn beating analyst expectations as it reversed some Covid-19 related loan loss provisions.

WSJ Logo
GQG Launches Buyback After Stock Tumbles on Adani Probe

GQG Launches Buyback After Stock Tumbles on Adani Probe

Trump Considers Warsh Serving as Treasury Secretary—and Then Fed Chair

Large Accounting Firms Will Have to Submit Financial Statements to U.S. Regulator

Nvidia Is on Top but Does It Have Anywhere to Go but Down?

U.K. Consumers Cheerier Ahead of Holidays as Budget, U.S. Election Jitters Fade