Citigroup, JPMorgan expect lower third-quarter markets revenue

Citigroup Inc expects third-quarter markets revenue to decline by a “low-to-mid teens” percentage from a year earlier and JPMorgan Chase & Co expects a decrease of about 10%, according to executives of the two big banks.

The lower revenues are a result of trading that has “normalized” from exceptionally high levels last year, when the pandemic was in full force, the executives said on Tuesday at a virtual investor conference held by Barclays.

Citigroup CFO Mark Mason and JPMorgan operating committee member Marianne Lake said their equities business had performed better than fixed income.

With two weeks left in the quarter, the executives noted that the results could change before they post final numbers in mid-October.