Citi Logs Best Returns in Five Years as Revamp Takes Hold (3)

Citigroup Inc. traders rode a wave of volatility to push the Wall Street bank to its highest quarterly revenue in a decade, notching another success for Chief Executive Officer Jane Fraser’s turnaround plan.

The fixed-income unit, Wall Street’s second largest, generated $5.2 billion of revenue in the first quarter, a 13% jump from a year earlier, Citigroup said in a statement Tuesday. The much smaller equities business hauled in a record $2.1 billion, a 39% increase. Together, the teams reported the company’s highest quarterly trading haul since at least the financial crisis.

The bank reported its highest quarterly return ...