Citigroup is the world’s biggest fixed-income dealer, unseating Deutsche Bank from the top spot and edging out rivals Goldman Sachs and JPMorgan, according to a Greenwich Associates survey.
Bloomberg News reports that with a market share of more than 10% for 2015, Citigroup had a “meaningful lead” over the other banks in the survey and is the only one to rank in the top two in every major region, Greenwich Associates said Wednesday in a statement. Deutsche Bank, Barclays, Goldman Sachs and JPMorgan also made the list of the top five global market-share leaders, according to Greenwich Associates, which didn’t provide individual rankings for the other banks.
Fixed-income trading has been pressured by falling commodity prices and interest rates at near record lows. Firms such as Morgan Stanley are retreating from bond trading as the industry also copes with new rules that force banks to hold more capital against risky assets. Citigroup’s fourth-quarter fixed-income trading revenue dropped 14% from the third quarter, though it was up 7% from a year earlier.
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