ALSO READCitigroup profit beats on smaller drop in trading revenue Citigroup profit falls 3 percent as expenses rise, trading dips Citi to pay $19 bn to shareholders, buy back stocks worth $15.6 bn Wall Street ends down a tad; banks weigh Credit card losses set to climb industrywide - JPMorgan's Smith
NEW YORK (Reuters) - Citigroup Inc
Gerspach's outlook was similar to the 12 percent decline anticipated by Barclays analyst, and conference host, Jason Goldberg, in a preview for the event being held through Wednesday.
The first speaker at the event, Gerspach also said that easing of bank regulations is going more slowly than he had hoped, apparently because of still-vacant positions at the Federal Reserve and Treasury Department.
He warned that by the end of October the Federal Reserve needs to complete expected changes in its annual capital reviews, known as CCAR, for the banks to benefit in their 2018 evaluations. The reviews determine how much capital banks may payout in stock buybacks and shareholder dividends.
Gerspach also said that he expects "slight increases" in expected credit loss rates from its North American Citi-branded and store-branded card business this year. Collections on delinquent accounts of store-branded cards have slowed this year, the company has said.
Citigroup shares were up 0.7 percent shortly after the market opened in New York.
(Reporting by David Henry in New York; Editing by Chizu Nomiyama and Nick Zieminski)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)