Trading boost for BofA

CITIGROUP BEAT WALL Street estimates for first-quarter profit on Tuesday as its traders reaped a windfall from volatile markets that fueled client activity.

- REUTERS

The third-largest US lender's earnings echoed those of Wall Street rivals, including JPMorgan Chase, Bank of America, and Morgan Stanley, whose results were also lifted by stronger equities trading. While industry profits rose, executives warned that U.S. tariff policies cast a shadow over the economic outlook.

"We continue to help our clients navigate an uncertain environment," CEO Jane Fraser said in a statement.

"When all is said and done, and long-standing trade imbalances and other structural shifts are behind us, the U.S. will still be the world's leading economy, and the dollar will remain the reserve currency."