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Citigroup expects lower trading revenue in first quarter
March 3, 2014 / 10:51 PM / 4 years ago

Citigroup expects lower trading revenue in first quarter

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.

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