Citigroup’s Chief Financial Officer John Gerspach said its first-quarter markets revenue is 15% lower than last year, and its investment banking revenue is off 25%.
Gerspach said at an investor conference that it has been a tough quarter.
He said Citigroup expects to take a $400 million charge in the quarter “to resize both our infrastructure and capacity” in response to the tough environment.
The material has been provided by InstaForex Company – www.instaforex.com