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Citigroup sees third-quarter markets revenue down 15 percent vs year-earlier
September 11, 2017 / 1:21 PM / 2 months ago

Citigroup sees third-quarter markets revenue down 15 percent vs year-earlier

NEW YORK (Reuters) - Citigroup Inc (C.N) third-quarter total markets revenue is running about 15 percent less than a year earlier when volatility was boosted by reactions to the Brexit vote and U.S. elections, Chief Financial Officer John Gerspach said on Monday at an investor conference.

A Citigroup office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett

Gerspach’s outlook was similar to the 12 percent decline anticipated by Barclays analyst, and conference host, Jason Goldberg, in a preview for the event being held through Wednesday.

The first speaker at the event, Gerspach also said that easing of bank regulations is going more slowly than he had hoped, apparently because of still-vacant positions at the Federal Reserve and Treasury Department.

He warned that by the end of October the Federal Reserve needs to complete expected changes in its annual capital reviews, known as CCAR, for the banks to benefit in their 2018 evaluations. The reviews determine how much capital banks may payout in stock buybacks and shareholder dividends.

Gerspach also said that he expects “slight increases” in expected credit loss rates from its North American Citi-branded and store-branded card business this year. Collections on delinquent accounts of store-branded cards have slowed this year, the company has said.

Citigroup shares were up 0.7 percent shortly after the market opened in New York.

Reporting by David Henry in New York; Editing by Chizu Nomiyama and Nick Zieminski

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