Citi Fixed-Income Traders Set Record as Tougher Year Looms
- Fixed-income trading revenue was most ever for fourth quarter
- Bank sets aside more than expected for loans, citing economy
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Citigroup Inc.’s fixed-income traders turned in a record-setting finale to 2022 as the bank, under pressure to improve returns, braced itself for a less certain economy.
Customers’ bets on rates and currencies boosted revenue from fixed-income trading 31% to $3.2 billion, the firm’s largest haul ever for a fourth quarter. Total trading was up 18% — trouncing the 10% increase predicted by executives just last month.