The bank’s net income climbed 45% to $5.8 billion, or $3.15 per share, surpassing the $2.74 per share estimate from analysts. This growth arrives as CEO Jane Fraser continues a multi-year restructuring effort aimed at shedding non-core consumer businesses and streamlining management layers. The bank’s return on tangible common equity hit 13%, reaching the upper limit of its long-term targets set for 2027 and 2028.

Market instability, partially triggered by geopolitical tensions, proved a boon for Citi’s trading operations. Equities revenue rose 45%, while commodities and other fixed-income segments saw a 25% increase. Investment banking activity also rebounded, with the firm securing key advisory roles in major deals like the $44.8 billion merger of Unilever and McCormick’s food businesses. Despite a broader strategy to expand wealth management, the unit remains smaller than those of its major rivals, though it did see a 13% revenue increase to $3.18 billion this quarter.