(Adds market revenue trend at other banks, comments on
NEW YORK Dec 7 Citigroup Inc
fourth-quarter markets revenue is running about 20 percent
higher than last year, chief financial officer John Gerspach
said on Wednesday.
Increased client demand for trades in fixed income and
currencies that began with the Brexit vote in June has continued
through the U.S. election, Gerspach said at an investor
conference. The demand is coming from institutional investors
and corporate clients, he said.
Chief executives from JPMorgan Chase & Co and Bank
of America Corp said on Tuesday at the same conference
that fourth-quarter trading revenue at their companies was up
about 15 percent from a year earlier.
Gerspach, who spoke about a variety of topics in a question
and answer format, said that compared with a year ago Citigroup
was now more concerned about threats to the European economy and
less concerned about emerging markets, particularly Brazil and
Russia. Citigroup is the most international of big U.S. banks.
As the new United States government looks at possible
changes in bank regulations, Gerspach said Citigroup most wants
to see no new rules.
The bank would like to see changes in two sets of liquidity
rules, which Gerspach said have set requirements too high. While
the bank does not want to do the proprietary trading prohibited
by the so-called Volcker rule, it does find record-keeping
requirements for the rule burdensome, he said.
Citigroup shares have climbed 16 percent since the November
election, but Gerspach said the company still tends to favor
stock buybacks over dividends because the share price remains
below book value.
(Reporting by David Henry in New York)