(New York)
If you are keeping an eye on financial stocks, this morning held a very bad omen. Citigroup was the first big Wall Street bank to report earnings, and the numbers weren’t pretty. In particular, the ever important area of fixed income trading revenue was disappointing, with total revenue dropping 21% to the lowest in seven years. The company missed its full-year profitability target by a wide margin.
FINSUM: The reason this is so worrying is that the fourth quarter was a very volatile period for markets. Such environments usually send trading revenue surging for banks.
