Citigroup’s trading division is showing it doesn’t need as many people to generate the same revenue.

Two months into a plan to eliminate about 400 staff from the business, Citigroup joined rivals in posting trading results that defied analysts’ pessimism, slipping less than 1% in an especially tumultuous quarter. Analysts had predicted a 4% drop. Stronger-than-estimated revenue from investment banking and credit cards added to the coup.

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