A jump in M&A fees saw Citigroup notch a bigger rise in investment banking fees than its Wall Street rivals during the first quarter, but its trading revenue helped it beat market expectations for the period.
Citigroup notched $1.1bn in investment banking fees during the first three months of the year, up by 14% compared with a year earlier. It was driven by an 84% surge in M&A fees, even as its equity and debt underwriting units missed market predictions.
