Citigroup Surpasses Expectations with Strong Third-Quarter Profit

Citigroup reported a 2% rise in profit to $3.55 billion, beating expectations, while revenue increased by 9% to $20.14 billion in the third quarter. The bank's core business revenue grew by 13%, driven by higher interest rates, and its corporate banking revenue rose by 18%. However, the profitability metric, return on tangible common equity, fell to 7.7% from 8.2% a year ago. Citigroup's shares rose by about 3% following the announcement. The bank is also undergoing a restructuring that will result in a reduction in headcount in the coming months.