Jane Fraser, the still-new chief executive of Citi, sounded bright and enthusiastic on the bank’s third-quarter earnings call, sharing her pride at the Institutional Client Group reporting its second-best quarterly investment banking revenues in the past 10 years and its best quarter for M&A.
The bank has been hiring, recruiting 200 corporate and investment bankers to build coverage in the busiest sectors – technology, healthcare, fintech and private equity. Fraser says these investments, part of a strategic refresh of the group following its decision to exit consumer banking in 13 countries and re-invest freed up capital in higher return businesses, are paying off.
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