Seeking Alpha

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.
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Comments (3)
  • minecanary
    , contributor
    Comments (641) | Send Message
     
    Crap. We forgot to release our bonuses before the announcement.
    23 Sep 2013, 11:35 AM Reply Like
  • soleprop
    , contributor
    Comments (480) | 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 (641) | 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
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