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Citigroup profit jumps 51 percent as costs fall

A green traffic light is pictured in front of a sign board of a Citibank branch in Hanoi, Vietnam July 8, 2015.

Citigroup Inc (C.N), the No.3 U.S. bank by assets, reported a 51 percent rise in third-quarter profit as a fall in operating, legal and repositioning costs more than made up for lower revenue.

Citi's operating expenses fell 18 percent to $10.7 billion as the bank, under Chief Executive Michael Corbat, put most of the problems stemming from the financial crisis behind it and exited businesses where profits and future prospects were not...