Just two days ago, everything was awesome – oil was up, stocks were up, financials were 'winning' – and then question started about why credit risk hadn't rallied like stocks.
But today we get our slap back to reality as Citi CFO unleashes the following: CITIGROUP SEES INVESTMENT BANKING REVENUE DOWN 25%, FIXED INCOME, EQUITY TRADING REV DOWN 15% YOY. The stock is rapidly giving up its "everything's fine" gains as Citi "hopes" for more rate hikes… but does not expect them.
Citigroup's CFO Gerspach is speaking at the RBC Conference in NYC… (live feed here)
“In fixed income, we see spread products continuing to have pressure,” Gerspach said. “That’s been a story for the last 18 months.”
- *CITICORP EXPECTS $400 MLN REPOSITIONING RESERVE, GERSPACH SAYS
- *CITIGROUP SAYS OTHER THAN ENERGY SECTOR, CREDIT PERFORMING WELL
- *CITIGROUP CFO SAYS STILL ‘HOPE’ FED WILL RAISE RATES 2X IN 2016
- *CITIGROUP CFO SAYS MORE LIKELY ONE RATE INCREASE IN 2016 BY FED
- *CITIGROUP CFO: WOULD BE SURPRISED IF U.S. RATES GO NEGATIVE
- *CITIGROUP CFO: QUESTIONS WHETHER NEGATIVE RATES ARE EFFECTIVE
- *CITIGROUP CFO SAYS BANK FEELS VERY GOOD ABOUT CHINA EXPOSURE
- *GERSPACH SEES FURTHER BRANCH CLOSURES IN U.S., INTERNATIONALLY
So did the Japanese banks.
Запись Citi Slumps After CFO Forecasts Huge Revenue Drop впервые появилась crude-oil.top.