Citigroup expects lower trading revenue in first quarter

March 3 Mon Mar 3, 2014 5:50pm EST

March 3 (Reuters) - Citigroup Inc said on Monday that bond trading revenue would be weaker in the first quarter because of economic uncertainty.

The third-largest U.S. bank expected markets revenues to be down in the "high mid-teens" in percentage terms from the first quarter of 2013, finance chief John Gerspach said at an investor conference in Orlando, Florida.

Equities trading revenue was "more resilient so far," but fixed-income represents around 80 percent of Citigroup's markets revenue on average, Gerspach said. The first quarter is traditionally the strongest for banks' bond trading divisions.

Executives at JPMorgan Chase & Co said on Feb. 25 that the bank's markets revenues since the start of the year were down 15 percent compared with the same period a year earlier.

Additionally, Gerspach said Citigroup's investment banking revenues were on pace to fall from the fourth quarter of 2013.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.