US bank Citigroup has doubled its structured product sales of US$2.3 billion in Q4 20 from its Q4 19 figure of US$1.1 billion.

Citi currently ranks as the second most prolific issuer group in the fourth quarter US league tables in terms of sales while its product issuance stands at 661, compared with 401 during the same period of 2019, according to SRP data.

Heading up the top issuer groups in terms of sales during Q4 20 is Morgan Stanley with US$2.6 billion (640 products), followed closely by Citi with US$2.3 billion (661), and Goldman Sachs with US$2.1 billion (668).

This compares to Q4 19’s top contenders: J.P. Morgan (US$2.5 billion/1,098), Barclays (US$2.3 billion/522), Goldman Sachs (US$1.9 billion/681), and Morgan Stanley (US$1.7 billion/542).

Citi reported a net income of US$4.6 billion for the fourth quarter 2020, on revenues of US$16.5 billion. This can be compared with a net income of US$5.0 billion (a seven percent drop), or on revenues of US$18.4 billion for the fourth quarter 2019.

Revenues decreased 10% from the prior-year period, primarily reflecting lower revenues in Global Consumer Banking (GCB), Institutional Clients Group (ICG), and Corporate / Other.

Markets and securities services revenues totalled US$4.5 billion, an increase of 13%. Fixed income markets revenues stand at $3.1 billion, a climb of seven percent, as higher revenues across spread products and commodities were partially offset by lower revenues in rates and currencies.

Equity markets revenues of US$810m were boosted by 57%, driven by strong performance in cash equities, derivatives, and prime finance, reflecting strong client volumes and more favourable market conditions.

Risk-weighted assets (RWAs) reached US$1.2 trillion in Q4 20 and remains steady from the previous quarters.

SRP data shows that Citi as an issuer group has 4,509 live structured products that are listed in the US market and mostly wrapped as registered unlisted notes. Popular underlyings include the S&P 500, Russell 2000, DJ Industrial Average Index, Nasdaq 100, Eurostoxx 50, and Amazon.

Also, in Q4, Citi’s new global head of equities and cross asset structuring Fater Belbachir (pictured), set his plan in motion with a series of senior management changes in its sales and trading teams to push its equities franchise and structured solutions business forward with a focus on implementing a ‘client-centric model’.

Click here to view Citi’s Q4 earnings release.