image: REUTERS/Mike Segar

Citigroup Joins JPMorgan in Grappling With Bond-Trading Revenue Plunge

October 12, 2017

Via: TheStreet

Citigroup Inc. (C – Get Report) , the Wall Street bank, said third-quarter profit rose 8% from a year earlier, as gains on a sale of a fixed-income analytics business helped make up for a plunge in bond-trading revenue.

Earnings per share were $1.42, the New York-based bank said Thursday in a statement. Excluding the gain, EPS was $1.29, below the $1.32 average estimate of analysts in a FactSet survey.

Bond-trading revenue tumbled by 16% to $2.9 billion, according to Citigroup. The pre-tax gain on the sale of the analytics business was $580 million, helping to push total revenue up by 2% to $18.2 billion.

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