Citigroup Profits From Stock-Market Turmoil
- Bank benefits as equity markets are jarred by Trump’s tweets
- Tax cuts also help while other traders, dealmakers earn less
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Citigroup Inc. is profiting from Donald Trump’s unpredictable presidency.
Wild stock markets through the end of March -- spurred by Trump’s tweets on global trade -- helped the firm’s equities business generate the most revenue since 2010, handily surpassing a $1 billion mark the bank said just weeks ago might be within reach. That made up for a surprise drop in fees from handling fixed-income products. A lower-than-forecast tax rate also left more profit for shareholders.