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News : US Economy Last Updated: Jan 16, 2014 - 4:36 PM

Goldman and Citigroup report fall in trading revenues
By Finfacts Team
Jan 16, 2014 - 4:33 PM

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Citigroup's office at the International Financial Services Centre, Dublin

Goldman Sachs, the US investment bank, today reported a 21% drop in quarterly earnings as revenue from fixed-income trading fell. Meanwhile, Citigroup, the third largest US bank by assets reported more than a doubling in earnings. Nevertheless, it was lower than expected quarterly profit as cost cuts did not offset a decline in fixed-income (bonds) revenue.

Goldman posted net income of $2.33bn, compared with year-earlier profit of $2.89bn. Per-share earnings—reflecting the payment of preferred dividends—were $4.60, while net revenue dropped 4.9% to $8.78bn.

In the year, FICC (fixed-income, currencies and commodities) trading had revenues of $8.65bn, down 13% from last year and its lowest figure since 2007. For the quarter, FICC trading revenue dipped 15% from the year-earlier period to $1.72bn but jumped 38% from the third quarter.

Full-year net earnings rose 8% to $8.04bn on revenues of $34.2bn. Full-year trading revenue fell 13% and accounted for 46% of the total, the lowest since 2002.

Citigroup more than doubled net income to $2.7bn in the fourth quarter but missed analyst estimates, as mortgage banking and fixed-income trading slumped.

Earnings per share rose to 85 cents from 38 cents, the bank said. Excluding accounting charges and special items, profit was 82 cents a share

Quarterly revenue excluding an accounting charge tied to the value of the firm’s own debt and other items declined 2% to $17.9bn. For the full year, net income rose 84% to $13.9bn on a 10% increase in revenue to $76.4bn.

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