Strong investment banking results and a surge in stock trading revenue helped push Citigroup profits up by nearly 50% as new chief executive Jane Fraser continues to transform the banking giant.

Citigroup pulled in $1.9bn in investment banking fees during the third quarter, an increase of 40% on the same period in 2020. Meanwhile, its equity trading unit — which is in the midst of an overhaul under global head Fater Belbachir — beat Wall Street rivals with a 40% year-on-year gain.