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Citi beats estimates on trading, investment banking boost

Citigroup reported a strong second quarter, beating Wall Street estimates as revenue hit a decade-high $24.8 billion, up 14% year on year. Net income rose 45% to $5.8 billion, driven by robust trading activity and a sharp rise in investment banking fees.

Investment banking revenue jumped 44% to $1.55 billion, while equities trading surged 45% and fixed-income trading rose 7%. Volatile markets and strong dealmaking activity, including major IPOs and M&A deals, supported performance across key segments.

Shares gained about 2% in early trade, extending a strong run this year. The results reflect early gains from CEO Jane Fraser’s overhaul strategy, even as Citi continues to focus on improving profitability and expanding its wealth management business.