Citigroup sees 'high teens' percentage decline in fourth-quarter markets revenue


NEW YORK (Reuters) – Citigroup Inc (C.N) fourth-quarter markets revenue is on track to be down by a “high-teens” percentage from a year earlier, Chief Financial Officer John Gerspach said on Wednesday.

FILE PHOTO – The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

Speaking at an investor conference held by bank stock analysts at Goldman Sachs, Gerspach said the decline is mostly from lower trading in fixed income and compares with an especially strong period in 2016.

On Tuesday executives from JPMorgan Chase & Co (JPM.N) and Bank of American Corp (BAC.N) said their trading revenues are running about 15 percent less than a year earlier.

Reporting by David Henry in New York; Editing by Susan Thomas

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