Bloomberg News reports that a renewed focus on investment banking, including some big hires, is helping Citigroup lure clients, boost revenue and gain on its larger competitor. Its fixed-income traders, meanwhile, are proving adept at weathering an industrywide slump, almost catching JPMorgan, long the dominant bank in that business.
Those trends played out in the second quarter, when Citigroup’s operations that help clients merge with rivals or raise money by selling stocks and bonds boosted revenue 22 percent to $1.49 billion - trouncing analysts’ estimates in what Chief Executive Officer Mike Corbat on Friday called the best performance in seven years. Revenue from fixed-income trading slipped 6 percent to $3.215 billion, just $1 million less than at JPMorgan.
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