The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees.
Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees.
The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue.
At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago.
Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses.
Persons:
Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur
Organizations:
Citibank, REUTERS, LSEG, Citi, Federal, ICG, Rivals, JPMorgan, Thomson
Locations:
Jackson, Queens, New York City, U.S, Bengaluru, New York