00:00The story is trading very, very strong for Citi, posting $5.2 billion of trading for FIC.
00:07That comes under just under the high watermark of a record they set in 2020 during COVID, but easily above
00:13expectations.
00:14Their equity business, which keep in mind this is much smaller for Citi, posts a record sum, $2.1 billion
00:19of trading.
00:21The estimate was for $1.7 billion.
00:23This is the first time in Citi history that we have an equity trading figure that's above $2 billion.
00:30Lisa did mention this.
00:32There is some disappointment coming around their banking revenue.
00:34That comes in at $1.7, just over $1.7 billion.
00:37The estimate was for $2.1.
00:39But the big takeaways and the reason you are seeing positivity for Citi, this was the highest quarterly revenue in
00:45about a decade for Citi.
00:46The best return on tangible common equity in five years from Citi.
00:51And Jane Frazier and the team go on to explain that they are 90% of the way to completing
00:55their programs around their back office.
00:57The regulatory reporting issue is something that they had really been hit through.
01:01So it's this transformation of Citi that Jane Frazier has been undertaking as CEO.
01:06And they are getting closer and closer to completing that.
01:09In the meantime, notching very strong numbers for trading.
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