Citigroup (C) Markets revenues fell 13% sequentially to $6.11 billion from $7.01 billion, as Equity markets dropped 25% to $1.73 billion and Fixed Income markets declined 7% to $4.39 billion.

Firmwide revenues, net of interest expense, were $23.8 billion, down 4% from $24.8 billion in the second quarter. Net interest income increased 14% year over year, driven by growth in Markets, Services, Wealth and U.S. Consumer Cards, partially offset by declines in All Other and Banking. Non-interest revenue decreased 4%, driven by declines in Markets and U.S. Consumer Cards, largely offset by growth in All Other, Services, Banking and Wealth.

Services revenues were $6.61 billion, up 4% from the prior quarter. Treasury and Trade Solutions net interest income rose 4% sequentially to $3.67 billion. Its year-over-year increase reflected higher average deposit balances and deposit spreads. Treasury and Trade Solutions revenues were $4.9 billion, up 16% year over year, and Securities Services revenues were $1.7 billion, up 13% year over year. Preliminary Services RoTCE was 31.2%. Services net income was $2.6 billion, up 27% year over year.

Wealth revenues were $3.27 billion, up 3% from the second quarter, with Wealth net interest income up 20% year over year on higher deposit spreads and average deposit balances, partly offset by lower mortgage spreads. Preliminary third-quarter net new investment assets of $38 billion were up 143% sequentially from $16 billion. Preliminary Wealth RoTCE was 14.3%. Wealth net income was $585 million, up 93% year over year.

U.S. Consumer Cards revenues rose 3% sequentially to $4.66 billion. Net interest income rose 5% sequentially to $5.42 billion, while non-interest revenue fell 15% sequentially to negative $758 million. Preliminary USCC RoTCE was 21.8%. USCC net income was $851 million.

Banking revenues, excluding separately listed loan-hedge gains or losses, declined 11% sequentially to $1.73 billion from $1.95 billion. Investment Banking fell 13% to $1.35 billion as ECM dropped 19% to $343 million and DCM fell 18% to $601 million, while Advisory rose 4% to $406 million. Preliminary Banking RoTCE was 19.2%. Banking net income was $378 million.

All Other (managed basis) revenues fell 18% sequentially to $1.43 billion from $1.74 billion, with Legacy Franchises down 10% to $1.85 billion. All Other (managed basis) net loss was $(955) million.

Average loans rose 3% sequentially to $809 billion from $785 billion, with end-of-period loans at $820 billion. Citi attributed year-over-year average loan growth to Markets, Services, U.S. Consumer Cards and Wealth. Average deposits rose 2% sequentially to $1.53 trillion from $1.50 trillion, with end-of-period deposits at $1.51 trillion. Citi cited Services as the driver of year-over-year deposit growth.

Net credit losses declined 8% sequentially to $2.22 billion from $2.40 billion, while the net ACL build widened to $333 million from $102 million, lifting total provision to $2.59 billion. The release attributed a $369 million net reserve build to changes in the macroeconomic outlook and portfolio growth. Total non-accrual loans decreased $0.4 billion, or 12%, from the prior-year period to $3.3 billion.

The efficiency ratio widened 110 bps sequentially to 58.5% from 57.4%, as total revenues fell faster than the 2% decline in operating expenses. Preliminary third-quarter ROE was 10.1%, down 130 bps sequentially from 11.4%, and preliminary RoTCE was 11.5%, down 150 bps from 13.0%. The preliminary CET1 ratio was 12.8%, unchanged from the prior quarter, while the supplementary leverage ratio declined to 5.0% from 5.2%; the firm returned $4.1 billion to common shareholders. Chair and CEO Jane Fraser said Citi expects to exceed this year’s return target even as it pulls forward investments toward an 11%–13% near-term goal.