March 3 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
Additionally, Gerspach said Citigroup's investment banking
revenues were on pace to fall from the fourth quarter of 2013.