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Citi’s M&A fees tumble by 55% in ‘disappointing’ second quarter
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Citigroup's advisory fees fell 55% in the second quarter as Wall Street banks continue to battle a drought in activity.
The US bank made $612m from investment banking fees in the second quarter of 2023, a decline of 24% compared with a year earlier. Rival JPMorgan, which has gained market share from rivals this year, posted a 6% decline in dealmaking revenue over the same period.
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