Citigroup profit defies pandemic
Traders focusing on fixed income, currencies and commodities posted their best third quarter in eight years
13 October 2020 - 16:25
New York — Citigroup posted its biggest quarterly profit of the pandemic after reaping another windfall from trading bonds and expressing newfound confidence in the resilience of its loan book.
Traders focusing on fixed income, currencies and commodities posted their best third quarter in eight years, while the firm set aside about $1.5bn less for bad loans than what analysts had estimated. That helped the bank blunt the impact of regulatory costs and low interest rates...
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