(Reuters) – Citigroup (C) swung to a revenue within the fourth quarter, fueled by energy in buying and selling and a restoration in dealmaking that drove up funding banking charges.
Buying and selling desks on the banks benefited from a banner yr in U.S. equities, with the S&P 500 touching record-high ranges within the fourth quarter.
Markets income at Citi jumped 36% to $4.6 billion within the quarter.
At shut: January 14 at 4:00:02 PM EST
Wall Avenue’s dealmakers have additionally cashed in on a revival in mergers, acquisitions and preliminary public choices after an nearly three-year-long dry spell. Banks’ capital markets companies obtained a lift within the second half of 2024 as company shoppers issued extra debt and fairness.
Trade executives anticipate the momentum to proceed this yr because the Federal Reserve cuts rates of interest and President-elect Donald Trump takes workplace. He has vowed to implement extra pro-business insurance policies.
The third-largest U.S. lender reported a internet revenue of $2.9 billion, or $1.34 per share, for the three months ended Dec. 31 on Wednesday. That compares with a lack of $1.8 billion, or $1.16 per share, a yr earlier.
(Reporting by Tatiana Bautzer in New York and Manya Saini in Bengaluru; Enhancing by Lananh Nguyen and Shinjini Ganguli)
