NEW YORK, Sept 9 (Reuters) - Citigroup ( C/PN ) Chief Financial
Officer Mark Mason said at a conference in New York that
investment banking fees and market revenue are expected to rise
by mid-single digits in the third quarter compared to a year
earlier.
Mason also said the global revenue and expenses for the year
may be higher than the guidance of $84 billion and $54.3
billion, respectively. But Mason added the proportion between
expenses and revenue did not change, so the impact of the higher
numbers would be neutral to positive to earnings.
In July, the bank beat estimates for second quarter
earnings, fueled by rising revenue in banking, markets and
wealth management. At the time, the results drove shares to
their highest since 2008, and the bank said it planned to buy
back at least $4 billion in stock.
On Tuesday, Mason said the bank was on track to keep buying
stock at the same rate.
The second quarter showed CEO Jane Fraser's turnaround is
gaining momentum after she sold businesses and simplified the
bank's structure. Citigroup ( C/PN ) expects to be ready to list its
Mexican subsidiary Banamex by the end of the year, Mason said,
but added that market conditions and regulatory approvals may
delay the transaction until early 2026.