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(New York)
If you are keeping an eye on financial stocks, this morning held a very bad omen. Citigroup was the first big Wall Street bank to repor t earnings , and the numbers weren't pretty. In particular, the ever important area of fixed income trading revenue was disappointing, with total revenue dropping 21% to the lowest in seven years. The company missed its full-year profitability target by a wide margin.
FINSUM : The reason this is so worrying is that the fourth quarter was a very volatile period for markets. Such environments usually send trading revenue surging for banks.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
