Citi sees Q2 trading revenues falling by a third
Citigroup's trading revenues could drop by nearly a third during the second quarter as the pandemic-fuelled boom loses steam.
Citigroup Inc.
$61.79
11:10 25/04/24
Speaking at the Morgan Stanley virtual conference, the lender's chief financial officer, Mark Mason, said revenues at the unit would likely fall by roughly 30%.
That's more than what analyst polled by Bloomberg were anticipating.
Mason also said that strength in equities would be offset by weakness in fixed income.
Investment banking fees could decline by a mid-to-high single digit percentage, while revenues from its North American arm would probably shrink by 15% as consumers continued to pay down their loans.
Yet as of 1157 BST, shares in Citi were trading higher by 0.61% to $74.27.