CEO Michael Corbat, 53, sought to cut costs and boost revenue even as trading from bond and foreign-exchange markets came under pressure. The effort was marred by a 15% drop in fixed-income revenue excluding accounting charges. Adjusted profit decreased 8% at the securities and banking unit and 16% for global consumer banking, according to the firm.
'We haven’t seen any rebound in fixed income,' Marty Mosby, a bank analyst with Guggenheim Securities, said in an interview before the results were announced. That’s what the bank 'really needs because they are more heavily dependent on that than the other money-center banks', he said. Mosby has a buy rating on the stock with a $68 price target.
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