NEW YORK (Reuters) - Citigroup <C. N> had a significant drop in trading revenue during the third quarter which could hurt the bank's earnings, the Financial Times reported on Sunday, citing people familiar with conversations between investors and the bank.

According to the report, the bank told investors that there was a worse-than-expected slowdown in markets businesses over the summer. The FT said that some investors believe Citigroup's revenue will fall over 10 percent.

Citigroup declined to comment on the report. The company is due to announce its third-quarter earnings on October 15.

In the second quarter, Citigroup posted a 42-percent jump in profit as bond trading revenue gained and stronger home prices helped the bad mortgages on its books.

The third-largest U. S. bank is getting its house in order after years of management problems forced it to seek three U. S. bailouts in 2008 and 2009. Current Chief Executive Michael Corbat and predecessor Vikram Pandit cut risk-taking in its trading businesses, hired selectively in safer areas like investment banking, and scaled back in markets where the bank had few growth opportunities.

(Reporting by Michael Erman; Editing by James Dalgleish)

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel