00:00I'm taking a look at these numbers and it's a solid beat across the investment bank and markets business as we've seen with most of the other banks as well.
00:07For overall markets revenue, $5.56 billion, higher than the anticipated $5.07 billion.
00:14Fixed sales and trading, $4.02 billion. Analysts were looking for just under $3.75 billion.
00:20Equity sales and trading revenue, $1.54 billion, also higher than the anticipated $1.33 billion.
00:25And investment banking, which is a smaller part of Citi's business here, $1.17 billion, higher than the anticipated $1.05 billion.
00:33So FIC was a real standout here for Citi, which was anticipated.
00:37Just looking at the numbers here, the CFO, Mark Mason, had been giving indications that perhaps the firm was maybe backing away from its explicit cost targets for the full year.
00:49So we did get an update on that. It says it sees full-year expenses higher than $53.4 billion.
00:55The stock right now is still trading a bit higher in after-hours, excuse me, pre-market trading at the moment here.
01:02Citi, of course, is still targeting a return on tangible common equity of 10% to 11% for 2026, so that profitability measure does remain intact.
01:11In terms of the return of cash to shareholders, Citi Group bought back $5 billion of its common shares in the third quarter as well.
01:20And it still sees a full-year adjusted revenue of above $84 billion.
01:23So, again, a lot of question marks here when it comes to the outlook for expenses and revenue for this year after the CFO, Mark Mason, had given the indication that perhaps the firm would be emphasizing other metrics and not so much the actual line for total expenses.
01:39We'll continue to go through all these numbers right now, but one more thing I wanted to add on is Banamex situation, the Mexican unit that Citi Group is trying to sell.
01:50Of course, it did reject an offer from Grupo Mexico, and it did announce sales and attempt to sell a 25% stake.
01:58It says that it continues to work towards a planned public listing of the firm.
02:01The big question is, when will that happen?
02:03Will it be delayed until late 2026 or beyond?
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