(Bloomberg) -- Citigroup Inc.’s trading revenue is likely to jump 10% in the fourth quarter compared to a year earlier as volatile markets continue to spur client activity across Wall Street.
Chief Executive Officer Jane Fraser said the bank’s trading desks should help the firm deliver the “low-single-digit” revenue growth it promised for this year. This quarter, the improved trading revenue is likely to counter a 60% drop in investment-banking revenue, she said.
“October and November were good months in terms of trading activity,” Fraser said Wednesday at an investor conference in New York hosted by Goldman Sachs Group Inc. The caveat for the guidance, she said, is that “December is always an interesting month in the markets.”
Citigroup’s guidance is similar to that provided by rival JPMorgan Chase & Co. on Tuesday, when it said it expects trading revenue to rise about 10% this quarter from a year ago on continued strong performance in macro products.
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