A Citigroup (C) - Get Report senior executive told a Monday conference that the New York financial-services giant's third-quarter fixed-income and equity trading revenue would probably decline, according to published reports.
Citi's shares on Monday rose 4.3% to $68.78. Bank stocks on Monday were broadly higher, as the yield on the 10-year Treasury note rose to 1.632% from 1.552%. Those higher yields can widen the difference between what a bank earns on loans and pays out on deposits, ultimately boosting profit.
Bloomberg News quoted Chief Financial Officer Mark Mason as saying that Citi's traders battled market volatility in August. Bloomberg cited U.S.-China trade tensions and Brexit concern as key factors roiling markets.
Mason also told the Barclays PLC conference that the quarter's investment-banking revenue was also likely to decline from the year-earlier period.
And Bloomberg quoted Mason as saying that the bank now expects net interest revenue for the full year to rise 3% to 4%, compared with an earlier expectation of 4%.