 "Citigroup")
Citigroup Inc shares surged more than 10% on Friday after the third-largest US bank posted a smaller-than-expected 27% drop in quarterly profit on unusual strength in its treasury services business and its trading desks cashed in on market volatility, cushioning a slump in investment banking.
The Treasury and Trade Solutions (TTS) business, Citi's crown jewel, posted a 33% jump in revenue to $3 billion on the back of higher net interest income and fee growth, the best performance in a decade, the bank said.
Markets revenue, meanwhile, jumped by 25% to $5.3 billion, thanks to volatility in the commodities and foreign
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
