Citi’s Q2 profit fell 36% to $2.92 billion from $4.55 billion a year earlier.
- Weaker trading revenue and investment banking fees weighed on the results.
- Markets revenue declined 13% to $4.6 billion on subdued fixed income and equities activity.
- Investment banking fees plunged 24% to $612 million.
- However, Citi’s consumer business helped offset some of the weakness.
- Revenue from personal banking and wealth management rose 6% to $6.4 billion.
- Branded card revenue increased 8% to $2.4 billion.
- In contrast, JPMorgan reported a 67% jump in Q2 profit and Wells Fargo a 57% rise.
- Weakness in the bank’s trading and investment banking divisions dragged on its overall performance.
- But gains in its retail banking unit provided some support to the results.