Citigroup profits fell 36%

Citigroup had a rocky second quarter. Here are the highlights:

Earnings fell 36% to $2.92 billion, or $1.33 per share. Analysts expected $1.31.

Revenue fell 1% to $19.44 billion. Analysts expected $19.34 billion.

And in the institutional customer group, which includes investment banking and trading, revenue fell 9% to $10.44 billion.

Trading revenue fell 13%, with fixed income trading down 13% and equities down 10%.

In investment banking, which includes merger fees and the sale of corporate equity and debt, revenue fell 24% to $612 million.

Its banking business for major corporations around the world and helps them move money around, continued to benefit from increased interest rates and cash flows, with revenue up 15% to $3.5 billion.

In the consumer bank and wealth management unit, revenue rose 6% to $6.4 billion.

A measure of profitability focused on by Citi investors, the return on tangible common stock fell to 6.4% from 11.2% a year ago..

Expenses rose 9% to $13.57 billion, in part due to an increase in severance pay after job cuts.

Results have been dented by fees from consumer companies leaving Citigroup around the world, including Mexico. Excluding those fees, Citigroup said it would have earned $1.37 per share.