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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Citigroup Inc | NYSE:C | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.01 | 0.02% | 61.55 | 62.15 | 61.41 | 61.53 | 11,048,880 | 01:00:00 |
From May 2019 to May 2024
By Saabira Chaudhuri
Bank of America Corp. and Citigroup Inc. both disappointed investors, giving weak outlooks for trading revenue.
Bank of America's chief executive, Brian Moynihan, said at an industry conference on Tuesday that fourth-quarter trading revenue would be lower than both year-ago levels and the third quarter's.
Citigroup's CEO Michael Corbat estimated that the New York bank's markets revenue would be down year-over-year by about 5%.
In particular, Mr. Corbat indicated that he expects fixed income, currencies and commodities trading to fall, saying Citigroup "didn't escape" sharp moves in rates, foreign exchange and bonds early in the fourth quarter.
Bank of America's shares fell 2.1% in recent trading, while Citigroup's dropped 2.6%. Shares of rivals Goldman Sachs Group Inc., Morgan Stanley and J.P. Morgan Chase & Co. also logged declines that were broader than those shown by the S&P 500.
Trading revenue at the nation's biggest banks has been pummeled in recent quarters, although third-quarter results largely topped Wall Street expectations as fixed income, currencies and commodities trading revenue came in stronger than estimated.
Bank of America in October reported trading revenue, excluding adjustments to the value of the bank's debt, rose 9.2% to $3.27 billion. FICC revenue was particularly strong as the lender benefited from an easy comparison with a year-ago period in which it fell 20%. In the third quarter, FICC trading revenue was up 11% from the third quarter of 2013 to $2.25 billion. Equity sales and trading rose 5.9% from the third quarter of 2013 to $1.03 billion.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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