Citigroup CFO Expects Lower Q2 Revenues for Trading, Investment Banking Businesses

The trading and investment banking businesses of Citigroup (C) will see lower revenues in Q2, the Financial Times reported on Tuesday, citing the bank’s CFO Mark Mason.

Mason said in an industry conference that Citigroup’s revenue in fixed income and equity trading would be down in the mid-single digits, relative to the year-ago quarter.

“The slowdown we saw [in markets] in the quarter coming out of December… has persisted through most of the second quarter,” Mason said.

Meanwhile, in investment banking, revenue will be down in the mid-teens compared a strong Q2 2018, but the results are likely better than what is being seen in the industry, Mason said, suggesting that Citigroup is taking market share, the report stated.

Citigroup’s institutional cash management and retail banking operations, meanwhile, continue to see growth, “with continued strength in branded cards in particular,” according to Mason.

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