Citigroup sees improving credit trends leading to reserve releases in fourth-quarter

FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) – Citigroup Inc Chief Financial Officer Mark Mason said on Wednesday that the bank is more likely to report loan loss reserve releases than builds starting in the fourth quarter.

His comments echo those made by bank executives at the Goldman Sachs Financial Services Conference after improved credit trends and optimism about future economic conditions increased amid positive news about the coronavirus vaccine.

Overall for the fourth quarter, Citi expects trading revenue to be up in the mid-teens and investment banking fees to be down in the low double-digits, Mason said.

(Reporting by Imani Moise; Editing by Leslie Adler)