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Citi Warns Trading Revenue to Decline, BofA Is ‘Doing OK’

  • Investment-banking revenue expected to drop, Citi CFO says
  • BofA’s dealmaking revenue is likely to increase, Montag says
A Citigroup Inc. Bank Location Ahead Of Earnings Figures
Photographer: Mark Kauzlarich/Bloomberg
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Citigroup Inc. trading revenue is set to drop this quarter amid volatility that gripped markets for most of August, while a top Bank of America Corp. executive said his traders are “doing OK” in the period.

Investment-banking revenue at Citigroup is also likely to decline from a year earlier, Chief Financial Officer Mark Mason said at an investor conference Monday. At rival Bank of America, dealmaking fees will probably rise by a low-single-digit percentage, Chief Operating Officer Tom Montag said at the same conference.