Net new assets rebound as Citi smashes analyst expectations

Citi's wealth division reported a record level of net new investment assets in the third quarter, marking a sharp turnaround from the previous quarter, which saw an 81% year-over-year decline in net new investment assets. Citi reported $18.6 billion in NNIA for the third quarter, up 35% over the same period last year — representing a 9% increase in organic growth over the last 12 months. Total revenue for the firm was up 9% year over year, to $22.1 billion, surpassing forecasts by $1 billion. Citi's weal ...