Citi’s Traders Nudge Fraser Closer to Profitability Target
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Citigroup Inc. inched closer to a key profitability target in the first quarter as the firm’s traders surpassed expectations and the bank drew a record haul from its wealth and retail businesses.
The trading division rode a wave of volatility in global markets to notch $6 billion in revenue for the period, helped by an 8% jump in fixed income and a 23% gain in equities trading. That topped the $5.74 billion average of analyst estimates compiled by Bloomberg.