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Citigroup sees 3Q markets revenue down 15 percent vs year-earlier

Reuters  |  NEW YORK 

NEW YORK (Reuters) - Inc third-quarter total markets is running about 15 percent less than a year earlier when volatility was boosted by reactions to the Brexit vote and U.S. elections, Chief Financial Officer John Gerspach said on Monday at an investor

Gerspach's outlook was similar to the 12 percent decline anticipated by Barclays analyst, and 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 to benefit in their 2018 evaluations. The reviews determine how much capital 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.

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.)

First Published: Mon, September 11 2017. 22:10 IST