Citigroup's Stellar Comeback: A Quarter of Profit and Growth

Citigroup reported a significant profit in the fourth quarter, driven by robust trading and a resurgence in dealmaking, which increased investment banking fees. The bank's performance benefited from record-high U.S. equity markets and a revival in mergers, acquisitions, and IPOs, resulting in a net income of $2.9 billion.

Citigroup experienced a substantial turnaround in the fourth quarter, thanks to thriving trading activities and a revival in dealmaking that elevated investment banking fees. The bank posted a net income of $2.9 billion, reflecting an impressive comeback from a previous year's loss.

Market performance was bolstered by a strong year in U.S. equities, with the S&P 500 hitting record highs, leading Citi's markets revenue to surge by 36% to $4.6 billion. The surge also revitalized capital markets as corporates increased debt and equity issuance.

The industry looks forward to sustained momentum with anticipated Federal Reserve rate cuts and business-friendly policies promised by President-elect Donald Trump. Citigroup's financial rebound signifies a positive outlook amidst a transitioning economic landscape.

(With inputs from agencies.)