NEW YORK (Reuters) -Citigroup Chief Financial Officer Mark Mason said at a conference in New York that investment banking fees and market revenue are expected to rise by mid-single digits in the third quarter compared to a year earlier.
Mason also said the global revenue and expenses for the year may be higher than the guidance of $84 billion and $54.3 billion, respectively. But Mason added the proportion between expenses and revenue did not change, so the impact of the higher numbers would be neutral to positive to earnings.
In July, the bank beat estimates for second quarter earnings, fueled by rising revenue in banking, markets and wealth management. At the time, the results drove shares to their highest since 2008, and the bank said it planned to buy back at least $4 billion in stock.
On Tuesday, Mason said the bank was on track to keep buying stock at the same rate.
The second quarter showed CEO Jane Fraser’s turnaround is gaining momentum after she sold businesses and simplified the bank’s structure. Citigroup expects to be ready to list its Mexican subsidiary Banamex by the end of the year, Mason said, but added that market conditions and regulatory approvals may delay the transaction until early 2026.
(Reporting by Tatiana Bautzer, Editing by Franklin Paul)
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