Dec 10 Fourth-quarter capital markets and
underwriting revenues this quarter are running slightly below
results from a year ago, Citigroup Inc 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 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.