Citigroup, Goldman revenues hit by slump in fixed income products

New York

CITIGROUP Inc, the US bank that gets more than half its revenue from abroad, boosted profit more than analysts estimated after a drop in legal costs helped it cut expenses faster than revenue fell.

Third-quarter net income rose 51 per cent to US$4.29 billion, or US$1.35 a share, from US$2.84 billion, or 88 US cents, a year earlier, the New York-based lender said on Thursday. Earnings amounted to US$1.31 a share excluding accounting adjustments, beating the US$1.27 average estimate of 26 analysts surveyed by Bloomberg.