Net Income Slips At Citigroup's Personal Banking, Wealth Management Arm

Editorial Staff

17 July 2023

Net income at the personal banking and wealth management (PBWM) division of ratio of 13.3 per cent, which was 100 basis points above our new regulatory requirement that goes into effect in the fourth quarter. We returned a total of $2 billion in capital to our shareholders through common dividends and share buybacks and we will continue to review our level of capital return on a quarter-to-quarter basis.”

Some results in wealth management were mixed, the overall trend is encouraging, Fraser said.

“And while wealth revenues were down, we are attracting new clients and seeing growth in segments such as Wealth at Work,” she added. (Wealth At Work delivers wealth services to white-collar professionals in sectors such as law, asset management, and private equity.)

Across the entire Citigroup business, it logged net income in Q2 of $2.9 billion, down 36 per cent from net income of $4.5 billion a year ago. Q2 results were hit by higher costs, higher costs of credit and a fall in revenues.