This article first appeared on GuruFocus.
Mark Mason, the Chief Financial Officer of Citigroup Inc. (C, Financials), said at a conference in New York on Monday that investment banking fees and market revenue are expected to expand by mid-single digits in the third quarter compared to the same time last year. Mason also said that the company’s full-year sales and expenses may be higher than the previous estimates of $84 billion and $54.3 billion, respectively. He did say, though, that the balance between income and costs hasn’t changed, so the total effect on earnings should be neutral to positive. Last quarter, the bank made more money than expected, thanks to advances in banking, markets, and wealth management. Shares hit their highest level since 2008 after the corporation promised to buy back at least $4 billion worth of stock. Mason added that Citi is still on track to buy back shares at that rate. He also said again that the bank’s Mexican affiliate Banamex would be listed by the end of 2025. However, market and regulatory conditions could push the deal back to early 2026. Mason said that Citi likes how regulators are being more open and “holistic” about capital requirements. Citi said it hasn’t seen any signs that credit quality is getting worse, which shows how confident management is in CEO Jane Fraser’s plan to turn things around.