Citigroup’s wealth business lifted third-quarter 2026 revenues 15 per cent to $3.3 billion, with growth across all three units and net income up 93 per cent.

Net income at Citigroup’s wealth business rose 93 per cent from a year earlier to $585 million in the third quarter of 2026. Revenues rose 15 per cent to $3.3 billion.

Net interest income drove the gain, rising 20 per cent to $2.3 billion on higher deposit spreads and average deposit balances, partly offset by lower mortgage spreads. Noninterest revenue rose 5 per cent to $1 billion, mainly on higher investment fees. Client investment assets grew 15 per cent, reflecting both new assets onboarded and market valuations.

All three units grew. Private Bank revenues rose 17 per cent to $766 million, mainly on higher deposit spreads and balances. Citigold and Retail Banking revenues rose 16 per cent to $2.3 billion. Wealth at Work revenues rose 7 per cent to $228 million, with deposit gains largely offset by lower mortgage spreads.

Operating expenses rose 3 per cent to $2.4 billion, reflecting higher compensation, including performance-related pay and severance. The wealth provision for credit losses was $102 million, against $73 million a year earlier. It comprised $70 million of net credit losses, mainly in Citigold and Retail Banking, and a $32 million net reserve build tied to portfolio growth and the macroeconomic outlook.

At group level, Citigroup reported net income of $5.2 billion, or $2.85 per diluted share, on revenues of $23.8 billion. That compares with $3.8 billion, or $1.86 per share, on revenues of $22.1 billion a year earlier. The prior-year quarter included a $726 million goodwill impairment ($714 million after tax) linked to Citi’s agreement to sell a 25 per cent stake in Grupo Financiero Banamex.

The group’s provision for credit losses was $2.6 billion, comprising $2.2 billion of net credit losses and a $369 million net reserve build. Net credit losses were unchanged from a year earlier. The Common Equity Tier 1 ratio stood at 12.8 per cent at the end of September, down from 13.3 per cent.

“We returned over $4 billion to common shareholders while continuing to invest in growth and prepare for an AI-driven future. We expect to exceed this year’s return target, even as we pull forward investments toward our 11-13 per cent near-term goal,” Jane Fraser, group chief executive, said.

Citi’s wealth growth was in line with JP Morgan, which opened the US reporting season. JP Morgan’s asset and wealth management division posted third-quarter net revenue of $6.9 billion, up 14 per cent from $6.07 billion a year earlier, with asset management fees also up 14 per cent at $4.41 billion. The comparison is not like-for-like: JP Morgan’s division includes institutional asset management, while Citi’s growth this quarter came chiefly from deposit income rather than fees.