Citi Fixed-Income Trading Surges 49%
- Lender also benefited from debt underwriting, consumer bank
- Trading windfall helped CEO surpass 2019 profitability target
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Citigroup Inc. cut traders -- and got its mojo back.
Revenue from fixed-income trading surged 49% in the fourth quarter -- more than double the increase predicted by analysts -- after a slump that rattled the industry a year ago. The rebound, combined with surprisingly strong earnings from debt underwriting and consumer banking, pushed net revenue for the period to the highest since 2015.