Citigroup Inc CFO Says Trade Volumes Down 25 Percent

JPMorgan Chase & Co. (NYSE:JPM) has already warned that trade volumes are going to be disappointing for this quarter, and it seems that other banks are facing the same problem. Speaking at Deutsche Bank AG (NYSE:DB) (ETR:DBK) (FRA:DB) conference, Citigroup Inc. (NYSE:C) CFO John Gerspach recently guided for trade revenues to be down 20% – 25% compared to 2Q13, though it could be partially offset by improved investment banking fees.

“People lack direction,” said Gerspach, report Saabira Chaudhuri and Christina Rexrode for The Wall Street Journal. “People are uncertain. There just isn’t a lot of...