Citigroup Q3 trading revenue 'in line', new head of private bank appointed

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Citigroup’s third-quarter fixed-income and equity trading revenue will be 'roughly in line' with the same period a year ago, Chief Financial Officer John Gerspach said.

Bloomberg News reports that results probably will be helped by an increase in revenue this month compared with August, Gerspach, 61, said today at an investor conference in New York.

'July was better than August and we would assume that September would also be better than August', Gerspach said.

Industrywide revenue from fixed income probably will be about the same as last year’s third quarter to up 5%, helped by interest-rate and securitized products, Credit Suisse estimated in a September 4 report.

In the meantime, Citigroup said Peter Charrington will become global head of the private bank to replace Mark Mason, who took a different role.

Bloomberg reports that Charrington was most recently head of the private bank in North America, the largest region by revenue and assets under management, according to a statement from the firm. In July, the bank said Mason would become finance chief of its institutional clients group, the division that includes his former unit.

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