Citigroup Sees Drop in Fourth-Quarter Capital-Markets RevenueDakin Campbell
Citigroup Inc. Chief Financial Officer John Gerspach said fourth-quarter revenue from capital markets and investment banking will probably fall short of last year’s final three months.
“As we look to the fourth quarter, the capital markets environment remains somewhat muted with revenues tracking slightly below the same period last year,” Gerspach said at an investor conference in New York today. Revenue from investment banking will be “down somewhat” from the prior year, he said.
Fourth-quarter results for investment banking will probably be higher than in the third quarter, helped by mergers and acquisitions and equity underwriting, Gerspach said.
Citigroup, the third-largest U.S. lender, reported $996 million in revenue from investment banking in last year’s fourth quarter, according to a Jan. 17 statement. The New York-based bank posted $2.71 billion in revenue from fixed-income markets, and $455 million from equity markets in 2012’s final quarter, excluding some accounting adjustments.