Citi Q3 Profit Rises 40% on Investment Banking, Wealth Revenue
Citigroup reported a 40% year-over-year profit increase in Q3 despite declines in some areas. Trading revenue dropped due to unstable markets, while investment banking revenue rose 9% year-on-year but fell from the previous quarter. Credit card profits declined due to higher costs and loan loss provisions. Citi is concluding a multi-year restructuring to drive growth.
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