Citigroup Inc.'s treasury division is gaining market share faster than expected, a win for CEO Jane Fraser, who made the business a key component of her turnaround of the bank.

The treasury and trade solutions unit gained 70 basis points (bps) of market share in just the first nine months of 2022, surpassing its goal of at least 50 bps in coming years, Shahmir Khaliq, who leads the division, told investors at a conference Tuesday.

The division, which provides working capital and payments services for some of the world's biggest companies, is typically less headline-grabbing than Wall Street's flashier investment-banking and trading operations.

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