"Citi's operating expenses in its banking unit rose 20% to $1.2 billion in the first quarter, driven in part by higher compensation, headcount, and investments in the business."
"Overall revenues in the banking business of $1.8 billion grew 15%, largely driven by a 19% increase in investment banking fees, which reached $1.3 billion for the quarter."
"As Vis as the team look across the coverage map at some of the opportunities for us going forward, he's making those investments, and we expect them to pay off over the next little bit of time."
"There's vintage curves in most investments - that's true for talent and true in many other areas. They take a little bit of time to mature and produce."
Citigroup's CEO Jane Fraser emphasized the need for faster and higher ambitions in a January memo. The firm's banking unit reported a 20% increase in operating expenses to $1.2 billion, driven by higher compensation and headcount. Despite rising costs, revenues grew 15% to $1.8 billion, largely due to a 19% increase in investment banking fees. Citi is aggressively hiring senior dealmakers from competitors to strengthen its market position, with expectations that these investments will yield returns over time.
Read at www.businessinsider.com
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