From Breakingviews - Citi is Wall Street’s luckiest loser
. It generated a 31% increase in fixed-income trading, which beat JPMorgan’s 15%. It helps that Citi is more focused than peers on helping companies rather than hedge funds and institutional investors. Revenue from helping companies with their global trade increased by one-third. Falling merger and underwriting fees were a relatively minor problem compared to rivals.
There are other headwinds. Fraser is trying to whittle Citi down, but that’s happening slowly. A sale of its Mexican business is mired in local politics. Misconduct remains a risk, with the bank negotiating potential fines over failing to monitor employees’ use of messaging apps. Whether Fraser can change that culture remains to be seen, but at least she’s changing the numbers.
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