The interest-rate moves stoking President Donald Trump’s ire are also fueling Citigroup's profits.
Bloomberg News reports that client activity around the Federal Reserve’s hike in late September helped the bank post a surprise 9% percent jump in revenue from fixed-income trading in the third quarter.
It marked the first increase since the start of 2017, offsetting weaker results from U.S. consumer banking. Cost cuts inched the bank closer to a key efficiency target.
In the meantime, Reuters reports that Wells Fargo posted a 32% jump in quarterly profit on Friday, as the bank made headway in its cost-cutting plan and worked to put past misdeeds behind it.
Non-interest expenses in the third quarter fell 4.1% to $13.8 billion, in the first year-over-year decline this year.