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.