Citigroup CFO John Gerspach says trading revenue is growing at a “low double-digit” pace this quarter from a year ago. His track record shows investors can be more optimistic.
A quarter earlier, it climbed 16% after he signaled a rate in the “mid-single-digits.” And the quarter before that, total trading and investment-banking revenue rose 17%. Gerspach’s boss, CEO Michael Corbat, had said it would be “up slightly.”
Trading, even in the final weeks of a period, can be notoriously hard for Wall Street executives to predict because prices and client activity can swing suddenly on global crises, surprise central bank decisions and even a president’s tweets.
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