Finance

Citigroup Trading Desk’s Windfall Drives Higher-Than-Expected Profit

Rates and currencies traders reap benefit of higher rates
Jane Fraser just announced reorganization to be ‘simpler firm’

A customer uses an automatic teller machine at a Citibank branch in New York, US.Photographer: Stephanie Keith/Bloomberg

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By Jennifer Surane

October 13, 2023 at 12:06 PM UTC

Updated on

October 13, 2023 at 2:10 PM UTC

This article is for subscribers only.

Citigroup Inc. rates and currencies traders posted their best third quarter in at least eight years as the Federal Reserve kept investors on their toes about the future of heightened interest rates.

The larger-than-expected $2.8 billion windfall boosted total fixed-income trading 14% and added to better-than-expected revenue, costs and even loan performance. Net income — which analysts estimated would fall 22% — rose slightly, the New York-based firm said Friday.