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Citigroup On Friday, the company reported higher sales at each of its companies. Five core business linesThe company grew profits in the second quarter, including in its wealth-market division, which has long struggled.
The New York-based megabank's total revenue was $20.1 billion, up 4% from the previous year. City Excluding the impact of the divestiture, sales increased 3 percent, the company said in a press release.
Increased revenue and reduced expenses City Net income was $3.2 billion, up 10% from the same period last year.
growth City The banking division, which includes business and investment banking, performed particularly well compared to the same period last year, increasing 30% during the quarter.
City Announced quarterly financial results Two days after agreeing to pay a total of $136 million Civil penalties imposed by the Federal Reserve Board and the Office of the Comptroller of the Currency. Regulators City Violated Two 2020 consent orders This is because compliance risk management and internal control systems have not been sufficiently developed.
Second-quarter operating expenses fell 2% year over year to $13.4 billion, primarily as a result of organizational simplification and other cost-cutting measures. City The company added that the decline in expenses was partly offset by fines and other ongoing investments in reviewing risk management.
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