Its wealth management division, a key part of Fraser's growth strategy, posted revenue growth of 9% in the quarter to $2 billion. On Friday, Bank of America's profit in the third quarter fell on the back of lower interest income. Earnings at rival JPMorgan ChaseJPM.N and Wells FargoWFC.N beat estimates last week, underpinned by strong consumer finances. REGULATORY EFFORTS CEO Jane Fraser has sought to grow profits, simplify the company and fix its longstanding regulatory problems. In 2020, the Office of the Comptroller of the Currency and the Federal Reserve fined Citi $400 million and ordered the bank to fix persistent risk management and data governance failures. "We are still hiring, particularly in areas around transformation and around risk and controls to ensure we've got the appropriate level of resources to get after those things the way we need to," Mason said.