Citigroup expects its fourth-quarter revenue fell 16-19% year-on-year


John Gerspach, chief financial officer of Citigroup Inc. (C.N.), said on Wednesday that it expects fourth-quarter revenue to drop 16-19% from a year earlier.

Gerspach pointed out that the decline in revenue was mainly due to the decrease in fixed-income trading volume and the fourth quarter of 2016 in comparison with the particularly strong fourth quarter. He made the above remarks at an investor conference held by Goldman Sachs' bank stock analysts.

JPM.N and BAC.N executives said on Tuesday that their trading revenues were down about 15% from a year earlier.

Gerspach also said he expects fourth-quarter revenue from North American Citi branded credit cards to be "flat" from last year's level.

This year Citigroup strengthened its marketing activities on credit cards to cope with the intense competition from its competitors.

 


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