Skip to content
Subscriber Only

Citi, BofA Join JPMorgan Warning of Quarterly Trading Slump

  • Bank of America indicates 10% drop from year-earlier period
  • Trade war, Brexit have weighed on markets, Citi CEO says
Bloomberg business news
JPMorgan Chase CEO Jamie Dimon talks about the trade negotiations between the U.S. and China.Markets: Asia." (This is an excerpt.) (Source: Bloomberg)
Updated on

The biggest trading houses on Wall Street are warning of a slump.

Citigroup Inc. said trading revenue has declined so far this quarter while Bank of America Corp. indicated revenue is on pace to be about 10% lower. They joined JPMorgan Chase & Co. in reporting a downturn for the business. A burgeoning trade war, the U.K.’s planned exit from the European Union and escalating tension between the U.S. and Iran have weighed on market sentiment in recent weeks, according to Citigroup Chief Executive Officer Michael Corbat.