BofA, Citigroup Signal Another Down Year for Trading Revenue
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Bank of America Corp. and Citigroup Inc. said trading revenue will probably fall this quarter, providing fresh evidence Wall Street is headed for its fourth annual decline in the past five years.
Citigroup expects trading revenue to slide about 5 percent from the fourth quarter of 2013, Chief Executive Officer Michael Corbat said today at a conference hosted by Goldman Sachs Group Inc. in New York. Bank of America forecast a decline in trading revenue from both the third quarter and a year ago, CEO Brian T. Moynihan said at the same conference, without giving an estimate for the size of the drop.