Overall, the US-listed banking group was able to broadcast a stronger set of financial figures for its wealth business in Q3, with the exception of the "wealth at work" area.

Net income at the wealth arm of Citigroup, which includes businesses such as Citi Private Bank, rose strongly in the third quarter of 2025 from a year earlier. It rose 32 per cent to $374 million.

Private bank revenues rose 7 per cent to $656 million; the Wealth at Work business arm declined 12 per cent to $214 million, and Citigold revenues rose 14 per cent to $1.294 billion, Citigroup said in a statement earlier this week. 

Total net new investment assets in the wealth business stood at $18.6 billion for the quarter, rising by 35 per cent, and combined with favourable market moves and other factors, client investment assets totalled $660 billion at the end of September, a 14 per cent gain.

Rising private bank revenues, Citigroup said, were helped by the higher deposit spreads and the higher investment fee revenues, partially offset by the lower mortgage spreads.

Group figures
Citigroup said total net income across the group was $3.8 billion in Q3 2025, rising from $3.2 billion. As previously disclosed, third-quarter results included a notable item consisting of a goodwill impairment of $726 million ($714 million after-tax), recorded in “Other expenses,” related to Citigroup’s agreement to sell a 25 per cent equity stake in Grupo Financiero Banamex. 

On a reported basis, revenues increased 9 per cent from the prior-year period driven by growth in each of Citigroup’s five interconnected businesses, it said.

The bank’s Common Equity Tier 1 ratio – a standard international measure of a bank’s shock absorber capital – was 13.2 per cent at the end of September, from 13.7 per cent a year earlier. 

“We returned over $6 billion to common shareholders in the form of share repurchases and dividends, bringing us to $12 billion year-to-date and announced a significant step toward the divestiture of Banamex with an agreement to sell a 25 per cent equity stake in that business, which underscores our commitment to deliver value to our shareholders,” Jane Fraser, group CEO, said.