Within the private bank, Citi logged $780 million in Q1 revenues, down from $786 million a year before.

Late last week, Citigroup reported net income for the first quarter of 2022 on revenues of $19.2 billion. This compared with net income of $7.9 billion on revenues of $19.7 billion for the first quarter 2021.

Revenues fell 2 per cent from the same quarter a year earlier, as higher net interest income driven by services in institutional clients group, personal banking and wealth management was more than offset by lower non-interest revenue across businesses, the US-based group said in a statement. 

Personal banking and wealth management – which includes the private banking arm – logged net revenues in Q1 2022 of $5.9 billion, down slightly from $5.992 billion a year earlier. 

Within the private bank, it logged $780 million in Q1 revenues, down from $786 million a year before but up from $688 million in the fourth quarter of 2021. Total wealth management revenue was $1.92 billion, down from $1.948 billion a year earlier. 

Personal banking and wealth management operating costs of $3.9 billion increased 14 per cent, driven by transformation and business-led investments, and higher volume-driven expenses, partially offset by productivity savings.