Compensation and benefits are up 14% year-on-year firm-wide, which may have also contributed to the falling income.Ĭiti are attempting to rectify this by laying off 5000 people, around 2% of the company. Despite the US team having the smallest quarterly drop in revenue at just 6%, it saw a staggering 78% fall in income, a year-on-year drop of 92%. Much of this underperformance can be attributed to Citi's US team, where costs appear to be mounting.
Revenues in the ICG were down 7% from last quarter, and 9% year-on-year. This mimics the results last quarter, where JPMorgan dominated almost every category. Citi did better with equities and equity capital markets, with the former falling just 5% and the latter rising an impressive 49%. In those areas, Citi revenue fell 44%, 21% and 23% respectively.
Second quarter results weren't great for JPMorgan investment bankers today, but did Citi's Institutional Clients Group (ICG) fare any better?īy and large, no, with JPMorgan having comparatively better performance in M&A, fixed income trading and debt capital markets quarter on quarter.
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