Wall Street banking giants Goldman Sachs and Citigroup have posted contrasting second-quarter profits.
Goldman made $916m (£588m) in the three months to June, down from $1.95bn last year, as weak bond trading and higher legal costs ate into profits.
But Citi had its best quarter for eight years, with income of $4.85bn, up from $181m last year when the bank was hit by a $3.8bn legal charge.
Citi is restructuring, shrinking its branch network and selling assets.
Net revenue at the bank was $19.47bn, compared with $19.43bn in the same period a year earlier.
Citi's so-called "bad bank", Citi Holdings, which contains bad mortgages and other toxic loans left over from the financial crisis, made a profit in the quarter of $157m, against a $3.4bn loss last year.
"Through active expense and balance sheet discipline, we are on track to reach our financial targets for the year," chief executive Michael Corbat said in a statement, external.
Meanwhile, Goldman's net revenue fell to $9.07bn, from $9.12bn the previous year.
The firm, which employs more than 5,000 people in the UK, reported $1.45bn in legal costs, including housing repossessions and regulatory matters, up from $284m in 2014.
But revenue from its key investment banking division rose 1% to $2bn as it benefited from a surge in corporate deal-making.
Revenue at the bank's investment management arm also rose in the second quarter, up 14% from a year earlier.
Chief executive Lloyd Blankfein said: "While uncertainty weighed on investors' level of conviction, many of our businesses continued to benefit from generally improving economic conditions and healthy client activity."
In early trading, Citigroup shares rose 2.8% while Goldman Sachs fell 1.2%.
- Published14 July 2015
- Published16 April 2015
