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Citigroup profits fall as bond trading slowdown

Citigroup profits fall as bond trading slowdown

Citigroup profits fall as bond trading slowdown

The Citigroup earnings fell short of market expectations. Citigroup reported a marginal fall in adjusted quarterly profit from ongoing businesses after the Federal Reserve’s decision to continue its bond-buying programme for longer than expected slowed trading by clients.

Net income for the third quarter of 2013 of $3.2 billion was generated on revenues of $17.9 billion. For the second quarter of 2013, the three months to the end of June, Citigroup reported net income of $4.2 billion. That was up 42% on the same period last year. Results were weak at many businesses at Citicorp, the bank’s main operations. Revenue for its retail banking business fell 7 percent to $9.24 billion, and revenue for its securities and banking business fell 2 percent to $4.75 billion.

Citigroup has been cutting parts of its businesses, scaling back operations abroad and closing some branches. Citi said that mortgage lending had also slumped and that its bond trading unit’s revenue dropped by 26% compared with the same period in 2012.

Citigroup shares were down 55 cents to $49.05 in morning trading.

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