16:23 ET – Citigroup CFO John Gerspach, speaking at an investor event on Wednesday, said trading revenue is expected to fall a “high-teens percentage” in 4Q from a year earlier. He cited low volatility and the difficult comparison to the year earlier, when the trading business benefited from activity around the presidential election. He also noted that the weakness was largely in fixed income, currencies and commodities, which makes up a large share of Citigroup’s business. Other bank executives made similar remarks yesterday: Bank of America and JPMorgan projected trading revenue to fall about 15% in the quarter. One bright spot Gerspach noted was investment banking. ([email protected])
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