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.
