Citigroup's Quarterly Trading Seen Up Nearly 20%
December 07 2016 - 9:17AM
Dow Jones News
By Christina Rexrode
Citigroup Inc. Chief Financial Officer John Gerspach said
fourth-quarter trading would rise close to 20% compared to a year
ago.
Speaking at the Goldman Sachs financial services conference, Mr.
Gerspach said the bank had benefited from increased client activity
that started with the U.K.'s vote in June to exit from the European
Union and continued after the U.S. presidential election. He said
that stronger demand came from both corporate clients and investor
clients.
His statements were in line with what the bank's president,
James Forese, said last month, when he told analysts and investors
that fourth-quarter trading was "meaningfully better" than a year
ago.
Mr. Gerspach's comments also echoed those made by two rival
banks at the same conference the day before.
J.P. Morgan Chase & Co. CEO James Dimon said Tuesday that he
expects fourth-quarter trading revenue to be up about 15% from a
year earlier. Bank of America Corp. CEO Brian Moynihan said he
expected a 15% gain in his bank's fixed-income trading
division.
Write to Christina Rexrode at christina.rexrode@wsj.com
(END) Dow Jones Newswires
December 07, 2016 09:02 ET (14:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Citigroup (NYSE:C)
Historical Stock Chart
From Aug 2024 to Sep 2024
Citigroup (NYSE:C)
Historical Stock Chart
From Sep 2023 to Sep 2024