Citigroup moves to profit on strength of business, adds deals
(Reuters) – Citigroup ( C ) swung to a profit in the fourth quarter, boosted by strong business and a recovery in investment banking fees.
Trading desks at banks benefited from a banner year for U.S. stocks, with the S&P 500 hitting a fourth-quarter high.
Market revenue at Citi rose 36 percent to $4.6 billion in the quarter.
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Wall Street investors have cashed in on a revival in mergers, acquisitions and initial public offerings after a nearly three-year drought ended. Banks’ capital markets saw business boom in the second half of 2024 as corporate clients issued more debt and equity.
Industry executives expect the momentum to continue this year as the Federal Reserve cuts interest rates and President-elect Donald Trump takes office. He promised to implement more pro-business policies.
The third-largest U.S. lender reported earnings of $2.9 billion, or $1.34 per share, for the three months ending Wednesday, December 31, 2010. That compares with a loss of $1.8 billion, or $1.16 per share, a year ago.
(Reporting by Tatiana Bowser in New York and Manya Sani in Bengaluru; Editing by Lananh Nguyen and Shinjini Ganguly)
