Citigroup markets head sees Q2 investment banking drop, markets increase

2022.06.15 17:50

FILE PHOTO: People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo

(Reuters) – Citigroup (NYSE:C) global head of markets Andy Morton told an investor conference on Wednesday that he expects the company’s investment banking wallet to be down around 50-55% for the second quarter while markets revenue should increase north of 25% year-year.

Morton, speaking during a webcast of a Morgan Stanley (NYSE:MS) conference, cited a decline in issuance and in M&A for the investment banking decline. The executive also said Citi is looking to win equities business from its fixed income clients.

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