Citi profit beats estimates as fixed-income trading jumps

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Citigroup reported a higher-than-expected quarterly profit as the bank's fixed-income trading was boosted by clients adjusting their positions following rate hikes by the Federal Reserve and changes in the forex and credit markets.

US banks have been benefiting from a jump in markets-related revenue following the rate hikes, as well as elections in Europe and Britain's progress in leaving the European Union.

A surge in trading activity also helped JP Morgan Chase, the biggest US bank by assets, report a nearly 17 per cent rise in quarterly profit earlier in the day.
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