Citigroup’s shares surged to their highest level since 2008 after beating Wall Street estimates for second-quarter profit. The bank plans a $4 billion stock buyback. Analysts increased the target price for Citigroup, praising its improved performance. Markets have been volatile since April due to tariff announcements by President Trump.

Citi reported a 16% increase in markets revenue, its best performance since 2020. Investment banking deals have rebounded post-tariff shock in April. CEO Jane Fraser highlighted a strong M&A pipeline and increased activity in healthcare and tech sectors. Net income for the bank in the second quarter was $4 billion.

Citi’s investment banking fees rose 13% with a 52% rise in M&A advisory fees. The bank sees dealmaking picking up despite tariff uncertainty. Equity capital markets fees climbed 25% driven by strength in convertibles and IPOs. The bank has advised on significant deals like Circle’s IPO and Charter Communications’ acquisition of Cox Communications.

Citi is making progress on complying with regulatory consent orders. The bank retired 211 applications and enhanced controls in 85 countries. Shares have risen 24.3% year to date. The bank is on track for an IPO of its Mexican unit. Global revenue rose 8% in the quarter to $21.7 billion, with growth in wealth and personal banking segments.

Read more at Yahoo Finance: Citigroup shares hit highest since 2008 after profit beat, buyback plan