Citi Q3 revenues up 4%, 8% year-on-year

Citi Private Bank revenues went up by 4%, or $20m, from the second quarter of 2012 to $590m.

This also constitutes an 8% year-on-year increase, or $44m, from the third quarter of 2011.

The strong growth in private bank figures has been attributed to a surge in lending and deposits in North America.

Mixed results in S&L

The numbers are in sharp contrast to other areas of Securities and Lending at Citi.

Lending has performed poorly, with a 68% and 81% decrease in quarterly and year-on-year rates respectively.

However, the figures are still behind investment banking, which posted quarterly and year-on-year rates of 8% and 26% respectively.

The private bank did not report net income or updated asset under management figures.

Ex-WM CEO appointed CEO of Citigroup

Meanwhile Mike Corbat, previously CEO of Citi’s global wealth management unit, has been appointed CEO of Citigroup.

He replaces Vikram Pandit who has been CEO since December 2007.

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