Written by Tatiana Butzer
New York (Reuters) – Citigroup financial manager Mark Mason said at a conference in New York that investment banks and market revenues are expected to rise by moderate numbers in the third quarter compared to the previous year.
Mason also said that this year’s revenues and expenditures may be higher than the direction of 84 billion dollars and $ 54.3 billion, respectively. But Mason added the percentage between expenses and revenues has not changed, so the effect of the higher numbers will be neutral to positive profits.
In July, the bank won the estimates of the second quarter profit, and it is fueled by revenues in banking services, markets and wealth management. At that time, the results paid stocks to the highest level since 2008, and the bank said it was planning to buy at least $ 4 billion of shares.
On Tuesday, Mason said the bank was on the right path to continue buying shares at the same rate. CITI’s financial manager added that the bank is “pleased” to adopt the organizers Stance Bank on capital, which adds transparency. Masson said there is a more “holistic” approach to consider changes in capital models.
The second quarter showed that the conversion of CEO Jane Fraser is gaining momentum after he sold companies and simplified the bank’s structure. Masson said that Citigroup expects to be ready to list the Mexican sub -companies by the end of the year, but added that market conditions and organizational approvals may delay treatment until early 2026.
Citi CFO said the bank does not see any signs of credit quality.
(Participate in Tatiana Bautzer coverage, edited by Franklin Paul and Nick Ziminski)
https://media.zenfs.com/en/reuters-finance.com/ddc824112c73d0df5b943eeac5ce3cab
Source link