17:19 ET – Citigroup is expecting revenue in its US branded credit card unit to be flat year-over-year in 4Q. The bank said it expected to continue to see pressure on this closely watched business, stemming from increasing promotional zero-interest offers and a shift toward a co-branded Costco card, where the bank shares revenue with a partner. “We’ll probably have flattish revenues, year-over-year for the fourth quarter,” CFO John Gerspach told analysts at the Goldman Sachs conference Wednesday. “It’s because we’ve got a higher amount of balances and a higher mix of promo balance.” The business hasn’t yet delivered on promises of faster growth. It’s performance is a key to meeting the bank’s 2020 performance targets. ([email protected]; @telisdemos)
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