‘We just didn’t do as good a job’: Citi’s stock-trading business is slowing down after a stellar start to 2018 (C)
|10/12/2018||Posted by BusinessMediaguide.Com under General World News||
- Citigroup reported strong third-quarter earnings Friday, beating analyst expectations and growing profit by 12%.
- Trading revenues were robust in aggregate, but equities momentum slowed, growing just 1% compared to the same period in 2017.
- Cash equities was fingered as the culprit, with losses overshadowing gains in the prime and derivatives businesses.
- “We just didn’t do as good a job navigating the choppy trading environment in cash equities,” CFO John Gerspach said.
- The stock-trading business, which had experienced growth in recent periods, was reorganized in March.
After a hot start to the year, Citigroup is showing signs of weakness in one its read more >>>