Citigroup profit jumps 42% as volatile markets boost trading revenue

Market turbulence that shook investors across global markets also powered Citigroup’s trading engine, lifting first-quarter profit 42% to $5.8 billion and sending revenue to $24.6 billion, the bank’s highest quarterly total in a decade. The results pushed the stock up 1.4% in premarket trading and underscored how the biggest Wall Street franchises can turn volatility into earnings power.

Citigroup said net income rose from $4.1 billion, or $1.96 per diluted share, a year earlier, when revenue was $21.6 billion. Earnings per share climbed to $3.06 in the latest quarter. The bank’s markets business was the main driver, with total markets revenue rising 19% to $7.2 billion. Fixed-income revenue reached $5.2 billion, up 13%, while equities revenue hit a record $2.1 billion, up 39%. Rates and currencies revenue rose 6%, and other fixed-income revenue jumped 27%, helped by commodities.

The bank said the volatile backdrop encouraged clients to rebalance portfolios and lifted trading volumes. Geopolitical tensions added to that churn, while stronger dealmaking also helped investment-banking fees, which rose 12% amid a record first quarter in mergers and acquisitions. The pattern mirrored what other large banks have been showing: strong markets activity and a rebound in advisory work offset more cautious lending and consumer behavior underneath.

Jane Fraser said Citi remained on track to deliver a return on tangible common equity of 10% to 11% this year. The bank posted a first-quarter return on tangible common equity of 13.1%, an efficiency ratio of about 58% and expenses of $14.3 billion. Those figures matter because they point to a business that is getting closer to the profitability and cost targets management has been promising.

Citigroup also returned about $7.4 billion to common shareholders during the quarter, including $6.3 billion in share repurchases, and ended with a CET1 capital ratio of 12.7%, about 110 basis points above its current regulatory requirement. The bank planned to discuss the results on its earnings call at 11 a.m. ET on April 14, 2026, as the broader first-quarter bank earnings season tests whether the trading boom and dealmaking rebound are broad enough to sustain the sector’s momentum.