The latest quarter shows that banking titan Citi is in transition — growing revenue, rising profit, and a workforce rapidly adapting to artificial intelligence.
In its Q3 earnings report, Citi says it posted third-quarter revenue of $22.1 billion and net income of $3.8 billion.
The results mark a 9% increase in revenue from a year earlier, driven by growth across Citi’s five core businesses and a lower cost of credit. The bank also notes that earnings per share of $1.86 increased from $1.51 per diluted share in Q3 2024, indicating a higher net income and lower shares outstanding.
Citi CEO Jane Fraser says the gains were broad-based, with many divisions reporting record third-quarter revenue.
“Services posted its best quarter ever with revenues up 7%. Despite low volatility, Markets delivered its best third quarter ever with revenues up 15%. Banking revenues were up 34%, and we continue to improve our Investment Banking market share across key sectors. Our Wealth strategy continues to play out positively with record Net New Investment Assets of $18.6 billion for the quarter, and USPB saw a record quarter with revenues up 7%.”
Fraser says the performance reflects years of restructuring and investment aimed at making the bank more competitive and operationally streamlined.
“The cumulative effect of what we have done over the past years – our transformation, our refreshed strategy, our simplification – have put Citi in a materially different place in terms of our ability to compete.”
Fraser also emphasizes that AI is now central to that transformation, describing the technology as a catalyst for innovation across the bank.
“We are committed to embedding AI into how we work. Nearly 180,000 colleagues in 83 countries now have access to our proprietary AI tools and have used them almost 7 million times this year.”
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