Citigroup's warning on trading revenue hits Goldman

Citigroup (Cslips 1% in the premarket after its weekend "pre-announcement" of a big fall in FICC revenue in Q3. The bank had been hoping to get bailed out by a big September, but the Fed's non-taper last week squelched the chance of major portfolio moves by clients.

Anybody paying attention surely noticed last week's evaporation of profit at Jefferies (now owned by Leucadia) as fixed-income trading revenue essentially disappeared.

Deutshce Bank (DB) is expected to soon be out with a warning similar to Citibank's. Barclays (BCS) and Credit Suisse (CS) have already waved their own red flags over this issue.

Not yet heard from are Goldman (GS), Morgan Stanley (MS), JPMorgan (JPM), and BofA (BAC), but Goldman is also off nearly 1% premarket.

From other sites
Comments (3)
  • minecanary
    , contributor
    Comments (1240) | Send Message
    Crap. We forgot to release our bonuses before the announcement.
    23 Sep 2013, 11:35 AM Reply Like
  • soleprop
    , contributor
    Comments (542) | Send Message
    Management is just getting gun shy as more of the heinous risk and outright fraud that were the basis of earlier profits are being exposed and they are afraid to carry on stealing as usual. Jamie Dimon and Lloyd Blankfein (numbers 1 and 2 on "most-wanted" list) belong in jail (well, actually, they ought to be executed considering the cumulative damage they have caused society).
    If they can't steal with impunity, entities like JPM, CITI, GS ... can't make money.
    23 Sep 2013, 12:10 PM Reply Like
  • minecanary
    , contributor
    Comments (1240) | Send Message
    Careful Sole, I've posted things only half as honest as that and I'm close to being banned from SA
    24 Sep 2013, 10:32 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs