Citigroup reports 27% rise in Q3 net income

US bank Citigroup reported a 27% rise in net income in the third quarter of the year to $3.27bn (€2.5bn).

However, at the bottom line, net income plunged 87% to $468m (€361.2m) after it took a $4.7bn (€3.6bn) writedown on a stake in a brokerage operated by rival Morgan Stanley.