Lates News

Citigroup's traders achieved their best second-quarter performance in five years, taking advantage of market volatility caused by tariffs. Quarterly revenue benefited from record trading volumes. The bank's fixed income trading revenue surged 20% to $4.3 billion, surpassing analysts' expectations of $3.9 billion. Citigroup's stock trading revenue reached $1.6 billion, also exceeding expectations. Since President Donald Trump announced a series of tariffs on global trade partners in April, global market volatility has intensified. This has been good news for Citigroup and its Wall Street peers' trading departments, as increased client activity has brought in revenue, but it has also disrupted plans for a strong recovery in mergers and acquisitions. Earlier on Tuesday, JPMorgan Chase also reported trading revenues that surpassed analysts' expectations. The bank's fixed income trading department achieved revenues of $5.69 billion, a 14% increase from the same period last year. The bank credited this growth to its foreign exchange and emerging markets team, as well as its interest rate and commodities business. "We are enhancing the performance of each business division to capture market share and drive higher returns," said Citigroup CEO Jane Fraser in a statement.