Like her competitors, Citigroup benefited from the uncertainties on the financial markets in the first quarter.
At the start of the year, Citigroup deserved significantly more thanks to the strong activities on the capital markets and growth in the other sectors. In the first quarter compared to the previous year, the surplus was climbed to just over a fifth to just over four billion dollars (3.6 billion euros), the bank also said on Tuesday. In addition to the three percent higher income, she also benefited from falling costs. The result was a little better than expected.
CEO JANE Fraser sees the bank on course after the first three months to increase the return on equity by the end of next year to 10 to 11 percent and thus roughly to the level of the competition. In the first quarter, this value was 9.1 percent and thus significantly higher than a year ago. Fraser wants to increase the return, among other things, by reducing 20,000 jobs and the painting of several management levels.
Citigroup’s papers at times are at $ 64.78 in NYSE trading.
/e.g./MIS/MNE
New York (dpa-Afx)
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