Citigroup’s equities desks, undersized among Wall Street’s giants, are proving strong enough to lift the firm to a record quarterly profit just as a new CEO takes the helm, Bloomberg reports.
The bank reaped the most revenue from stock trading in the first quarter since 2009, while fees from underwriting shares quadrupled, helped by the firm’s dominance in taking SPACs to public markets. That offset a slump in revenue from Citigroup’s massive fixed-income trading division. Read more.
