Citigroup profits slip on dealmaking slowdown, staff reduction costs By Investing.com

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Citigroup profits slip on dealmaking slowdown, staff reduction costs

Published Jul 14, 2023 22:56

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Citigroup profits slip on dealmaking slowdown, staff reduction costs

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Investing.com -- Citigroup (NYSE:C) has reported a fall in second-quarter profits as a slowdown in dealmaking that hit its investment banking unit countered a boost from its personal banking business.

The New York-based bank posted $2.9B in net income, falling from $4.5B in the corresponding timeframe last year.

Revenue also slipped to $19.44B, a decline of 1% annually, as expansion in Citi's U.S. personal banking division was countered by weakness at its investment banking and markets unit. Markets revenue declined by 13% to $4.6 billion and investment banking fees slumped by almost a fourth to $612M.

The downturn was partly offset by personal banking and wealth management, where revenue jumped by 6% to $6.4B.

In June, Citi slashed 5,000 jobs, representing about 2% of its overall staff, mostly in the investment banking and trading businesses. Severance costs from these layoffs negatively impacted the group's latest quarterly earnings.

Citi Chief Executive Jane Fraser flagged a "challenging macroeconomic backdrop," but said the company "continued to see the benefits of our diversified business model and strong balance sheet."

Shares in Citi rose in premarket U.S. trading on Friday.

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