citi global consumer banking summer analyst

Securities services, which offers custody and collateral management, also boosted revenue 15%. The firm’s treasury and trade solutions division, which Fraser has touted as Citigroup’s “crown jewel,” saw revenue jump 15% to $3.5 billion. Shares in the bank were little changed at $47.66 at 9:49 a.m. Though trading clients stayed on the sidelines, “our cards businesses had double-digit growth due to strong engagement.”

“Amid a challenging macroeconomic backdrop, we continued to see the benefits of our diversified business model,” Chief Executive Officer Jane Fraser said in a statement. The bank’s expenses jumped 9% to $13.6 billion in the quarter, boosted by what executives had predicted would be hundreds of millions of dollars in severance costs for eliminating about 1,600 jobs, including investment bankers and traders. Interest income and fees from handling corporations’ cash were bright spots amid a widely anticipated slump in Wall Street business lines that forced the firm to trim its workforce. Overall, Citigroup earned $1.33 per share, topping the average estimate of analysts by 2 cents. That blunted the impact of a 78% surge in write-offs tied to consumer loans. Higher interest rates and larger card balances set the stage for an 11% jump in revenue from US personal banking in the second quarter, the New York-based lender said Friday.

(Bloomberg) - Citigroup Inc., the world’s second-largest credit-card issuer, is reaping the gains as customers borrow more - even as a growing number struggle to make payments.

Citi global consumer banking summer analyst