Citigroup beats estimates despite 17% fall in profits

Investment banking giant Citigroup has reported a 17% fall in second-quarter profit on lower revenue from consumer banking; still beating analysts’ estimates as fixed-income trading rebounded and the firm dedicated less money to soured loans.

Net income dropped to $4bn from $4.85bn a year earlier, the company said yesterday. Chief executive Michael Corbat had predicted a roughly $3.5bn quarterly profit in early June.

Citigroup joins JPMorgan Chase in navigating the market turmoil set off by the UK’s shock decision to leave the EU.