Citigroup Inc. posted its highest quarterly revenue in a decade, propelled by elevated market volatility that benefited the bank’s trading operations. This strong showing offers tangible evidence that CEO Jane Fraser’s multi-year restructuring plan is beginning to deliver measurable results for the Wall Street institution.

Traders successfully navigated the choppy market conditions, translating client activity into sharp top-line growth. Achieving the best returns seen in five years suggests that Citi’s investments in its markets division—a key pillar of Fraser’s strategy—are finally yielding superior performance compared to recent history.

Investors following the bank’s multi-year transformation view this revenue surge as validation of the difficult operational changes enacted across the firm. The bank managed to capture the upside from market uncertainty, translating transient conditions into record quarterly revenue.

This performance marks a significant operational milestone for the bank as it continues its reorganization efforts aimed at simplifying its structure and improving efficiency. The latest figures provide a welcome boost to the narrative surrounding the efficacy of Citigroup’s revitalization strategy.