Citigroup posted fourth-quarter revenue that missed analysts’ estimates by a half-billion dollars as bond trading declined amid a difficult December for markets.
The bank said fixed-income revenue dropped 21 percent to $1.94 billion from a year earlier as trading conditions deteriorated after the company gave guidance in early December. That miss accounted for the lion’s share of the revenue shortfall: Citigroup said it produced $17.1 billion in company-wide revenue, below the $17.6 billion average estimate of analysts surveyed by Refinitiv.
