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.