Citigroup CFO sees fourth-quarter markets results slipping
(Reuters) - Fourth-quarter capital markets and underwriting revenues this quarter are running slightly below results from a year ago, Citigroup Inc (C.N) Chief Financial Officer John Gerspach said on Tuesday.
Year-ago results, against which the current quarter will be compared, were driven by exceptionally strong debt underwriting, said Gerspach, who spoke at a conference for investors held by Goldman Sachs Group Inc (GS.N) in New York.
The company does not expect to benefit in this period, as it did in the third quarter, from releasing reserves it had taken for losses on mortgage loans in North America, he added.
Legal costs "are expected to remain somewhat elevated," though "core operating expenses should continue to trend somewhat lower," he said.
Citigroup, the third-biggest U.S. bank by assets, is expected to report fourth-quarter and full-year results in the middle of January.
Citigroup shares were down 0.7 percent in mid-afternoon trading in New York at $51.75.
(Reporting by David Henry in New York; Editing by Gerald E. McCormick)
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