Citigroup’s Profit Rises, Helped by Cost Cuts

By Anonymous

New York bank’s trading revenue climbs 7% in the latest quarter, led by a gain in fixed-income results

Citigroup Inc. said Friday its third-quarter profit rose 12% from a year ago, as the company cut expenses and reduced its tax bill amid flat revenue growth.

The company’s shares rose about 3.5% in morning trading, the best performance of the big banks that reported earnings Friday.

Quarterly profit at the New York-based bank was $4.62 billion,...