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Citigroup expects up to 30% rise in investment banking fees in Q4
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Citigroup expects up to 30% rise in investment banking fees in Q4
Dec 10, 2024 8:31 AM

NEW YORK, Dec 10 (Reuters) - Citigroup ( C/PN ) expects a

25% to 30% rise in investment banking fees in the fourth quarter

from a year earlier, while market revenue will grow by a

"high-teens" percentage, Chief Financial Officer Mark Mason said

on Tuesday.

Mason also said he expects the bank to be on the high end of

revenue guidance for 2024 when it announces its fourth-quarter

and full-year results on Jan. 15. Citigroup's ( C/PN ) profit already

benefited in the third quarter from higher investment banking

activity, propped up by debt underwriting.

"The global economy has proven to be quite resilient,"

Mason said at the Goldman Sachs Financial Services Conference in

New York.

The United States is particularly strong and resilient, both

considering consumer and corporate clients, he said.

Talking about clients of Citi's branded cards, Mason said,

"Between Thanksgiving and Cyber Monday, spending was up in the

mid single digits" over the previous year.

China's economy is also showing signs of stabilization and

starting to rebound, he said.

Asked about the need to improve data quality and

governance to comply with

regulators' consent orders

, Mason said the problems are mostly related to regulatory

reporting and not to clients' or financial reporting data. He

said the bank is investing to fix the issues and has changed a

previous product-driven approach to data to reporting driven.

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