Citigroup’s Trading Results Top Estimates on Frenzied March Markets
- Revenue from stock, fixed-income trading slips by just 1.8%
- Bank cites volatile climate as it sets aside $1.9 billion
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Citigroup Inc. delivered-better-than expected trading results amid volatility sparked by Russia’s invasion of Ukraine -- even as the same turmoil crimped the bank’s profits by nearly $2 billion.
Revenue from trading stocks and fixed-income products slipped just 1.8% to $5.83 billion in the first quarter, an even smaller drop than Citigroup forecast just weeks ago as Russian President Vladimir Putin’s invasion rattled markets. The trading haul, helped by a 173% increase in commodities-trading revenue, also topped the $5.09 billion average of analyst estimates compiled by Bloomberg.