Citi's Corbat Resumes Cost Squeeze as Bond Trading Slumps
- Bank trims third-quarter expenses 2% to lowest level this year
- Net income rises 8% to $4.13 billion as revenue tops estimates
Citigroup FICC Trading Revenue Matches 3Q Estimates
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Citigroup Inc. Chief Executive Officer Michael Corbat is relying on his old cost-cutting playbook while he waits for a breakthrough in Washington or trading activity to revive revenue.
The bank squeezed third-quarter costs 2 percent as Corbat pushed managers to keep a lid on spending. His investment bankers, stock traders and lending operations are having to pull the firm through a renewed bond-trading funk. Those efforts helped the company operate more efficiently than it said it would just one month ago.