(Reuters) – Citigroup on Friday reported a 36% drop in second-quarter profit as weakness in trading activity eclipsed gains in retail banking and wealth management.
Wall Street traders have had a tough time, joining investment bankers whose business has been weakened for months by a slump in trading.
Citi’s trading revenue fell 13% to $4.6 billion, driven by weaker fixed-income and equity activity, while investment banking fees fell 24% to $612 million.
The net profit of the American bank thus fell to 2.92 billion dollars (2.60 billion euros), or 1.33 dollars per share, during the period from March to June, against 4.55 billion, or $2.19 per share, recorded a year earlier.
The retail banking and wealth management business, however, helped partially offset Citi’s weak trading activity, with revenue up 6% to $6.4 billion.
(Report Mehnaz Yasmin in Bangalore, Diana Mandiá, edited by Kate Entringer)
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