Citigroup's Profit Fell Amid Slowdown in Trading

By Telis Demos Features Dow Jones Newswires

Citigroup Inc. said its second-quarter profit fell 3% as its Wall Street trading desk saw a drop-off in activity from a year ago.

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Quarterly profit at the New York-based bank was $3.872 billion, down from $3.998 billion a year earlier. Per-share earnings were $1.28. Analysts had expected $1.21 a share.

Revenue was $17.901 billion, up from $17.548 billion a year ago. Analysts had forecast $17.367 billion.

Along with J.P. Morgan Chase & Co., which also reported earnings Friday, Citigroup's trading has suffered because of a pullback in volatility and activity in both the stock and bond markets. Citigroup is particularly active in trading around currencies and interest rates, which has dropped off with investors expecting a slow but steady series of rate increases by the Federal Reserve.

Write to Telis Demos at telis.demos@wsj.com

(END) Dow Jones Newswires

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July 14, 2017 08:01 ET (12:01 GMT)