Revenues from fixed income operations, the largest securities business of the bank, declined by 21% in the fourth quarter, down from a seven-year low, after markets remained unchanged.
Citigroup gave investors a first insight into how Wall Street banks were violent market fluctuations at the end of 2018, and the prospects are bleak.
Revenue from operations Fixed Income, the Bank's largest securities business, declined by 21% in the fourth quarter to seven years after the turmoil in the markets, customers were on the edge. The combined share income and bond subscription declined more than the calculated analysts. And the company it did not reach its profitability target throughout the year with an even larger margin than it was only five weeks ago.
"Uncertain fourth quarter affected some of our market-sensitive companies, especially those with fixed income," said Michael Corbat, Executive Director, on Monday. The company will focus on improving profitability this year, he said.
The Bank's shareholders have been dark for a week, looking to see if traders and traders could change in the global market, including the biggest monthly drop in the S&P 500 index since 2009. t Analysts such as Jason Goldberg Barclays warned customers that the previous Citigroup projection was in early December, before the storm worsened. Citigroup shares fell by 1.7% in the first deals 8: 02:00. New York.
The figures are detailed
The The company's profit was $ 4,300 million, equals $ 1.64 per share, after a loss in the same quarter of the previous year, when the company recorded a tax charge of $ 22.600 million.
Excluding additional tax related profits, earnings per share were $ 1.61, above the average US $ 1.55 for analysts from Bloomberg.
However The Bank's total revenue of USD 17.1 billion did not reach estimates approximately $ 17.5 million.
The Income from bond subscriptions decreased by 13% to $ 634 million, lower than analysts predicted, but share subscriptions fell by 28% up to $ 181 million. It was worse than predicted analysts, so the total subscription was also lower than their estimates.